Ann: Further High Grade & Expanded Footprint at Hemi, page-577

PFS cant start until there is a Mineral Resource Estimate, that's 6-12 months away depending on when they start finding the edges. So long as the boundaries keep getting bigger, the MR keeps getting put off. Once there is a pile of Inferred and about half of the MR is Indicated, then the PFS starts. Not before. Maybe takes 6 months if they put a few dozen people on it all at once and start a lot of the preliminary work now. They'll be able to use some of the work from the current PFS but the scale will be completely different so essentially starting from scratch. A Scoping Study is the first step though and that can start with only Inferred, but they need to be careful how they announce the results and how much detail is released.

Realistically, 18 months to 2 years to PFS. Another 1-2 years to commence work. 5 years to production.

And with a pressure oxidation circuit, at least $1 Billion in capex before then.