At first glance the capex figure is high for a 1.4Moz LOM production. IRR of 27% is only ok.
I have no idea what the market was expecting but this is a significantly down scaled project from the PFS. I think @loki01 was warning about the quality of the previous resource estimate and how there was a risk of a downward revision.
I don't think the project will get finance on these numbers. When compared to something like DCN's Mt Morgans there is a clear quality gap. Roughly same LOM production and costs except Mt Morgan capex is more like US$120M vs this at US$260M.
Market expectations were probably already low though so I doubt significantly selling on this news.
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