There is no suggestion that Adina (a shallow, low strip deposit) will be an underground mine.
Regarding capex, WR1 is lucky to have an exclusive option to purchase a nearby 2.5mtpa plant + extensive infrastructure and facilities for 60m CAD (which cost 900m CAD to build about a decade ago.) By.purchasing a permitting processing facility, Adina becomes a quarry and is not subject to rigorous environmental permitting. A huge derisk in Canada.
By contrast, PMET is planning a huge mine and will need a bigger DMS plant and the extensive infrastructure and facilities, not to mention the dams. By the time it's being constructed in 2029, capex inflation will be even greater.
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