Ann: Finance Facilities Update, page-8

The shift to the 60/40 split is predicated on a production rate of 39ktpa and that is what all the current engineering work is being done on and not 60/40 on potential expansion to 64ktpa. If your modelling on 60/40 at 64kpta then you are overestimating the NPV and EBIT of VXL's base case. Maintaining a 60/40 split at the higher rate of 64kpta would be a high case potential IMO. The move to 64kpta is really only still referenced as this is the production rate and base case they have stipulated in the old BFS (technically still the official plan) which is going to be made somewhat redundant as per the plans in the announcement made on the 7th May.

Should the oppies be in the month at July 2016 then that is another $20m or so in fresh cash which can replay debt or cover final CAPEX. At 39kpta and the oppie cash, VXL will unlikely use more than 2/3rds of the main facility.