Ann: Maiden drill program commences at Spear Hill Lithium Project, page-16

Our turnover will be ~$240m

You do know that AISC includes capital cost? So (capital) loan repayment is baked into that profit margin (granted, spread across the Feasibility Study mine life, but it's a boards job to optimise liquidity). Tax is not included in AISC, but we'll be benefitting from some generous capital investment tax exemptions in Year 1. It's a common mistake for folks to double count the capital outlay AND the repayment of the debt finance that enabled it.

Undoubtedly there will be some additional drilling marginal costs for future phases that are not included in the Phase 1 AISC - but as that drilling adds ounces, the capital/plant component of the Phase 1 AISC is diluted further in line with it against the growing resource base.