Ann: HMW Project Achieves 1,000t LCE Contained Inventory, page-25

since they obviously only build what is necessary for stage one, a fairly mathematical calculation. basis for this is capex stage two in usd.



so 5,367t are ~26% of 20,851t. if you bring each position from stage one capex to ~26% you get this:



it should be clear to everyone that this will probably increase capex stage two. this is just mathematical. individual positions can probably be reduced less than others. two positions will probably even be more expensive. however, fact is that they can save some money, especially on 'infrastructure'. i wouldn't necessarily include the 'reagent and filter plant' position in the calculation. i cannot judge to what extent this is technically important for stage one. the amount that can be saved is probably significantly lower. i think it could be around ~10m. this is really just mathematical and should be taken with a pinch of salt.