Wrong. It's a 1 stage 2mtps process with an $824m capex with...

Wrong. It's a 1 stage 2mtps process with an $824m capex with about $500m in genuine strategic BOOT (off balance sheet) options.

Enviro's approved at mine site and the the enviro for the processing facility at Darwin became untenable so shifted back to an integrate site.

If you think your project is immune to 40% y-o-y steel price increases and a tight labour market you are kidding yourself.

AVL was priced at AUD650m on Sept-21 pricing. It's a billion project now. You blokes won't be far off.

$1B for a marginal producer with a junk titanium product. No debt funding coming your way