The only reason they'd even be mentioning the 50US for development costs is to back up that they're continuing to build out the project. Given that they would own the assets the only relevance is the '10% gross revenue royalty' - it would provide substance that some revenue might actually exist. Problem is that if they then sit on Phase2 for 10 years you're looking at 10% of the small Phase1 project, which isn't material.
Ann: Galan Response to AFR Street Talk Article, page-18
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