I worked my EBITDA figures back from only Phase 1. I kept 30%...

I worked my EBITDA figures back from only Phase 1.

I kept 30% for my model.

HCC = 162k tonnes x $140 = $22.7m revenue, costs of $90 / tonne = EBITDA of US$8.1m, A$11.6m
Thermal = 171k tonnes x $75 = $12.8m revenue, costs of $65 / tonne = EBITDA of US$1.7m, A$2.4m so $14m all up.

I have based my model on a similar payback to what they have stated in the presentations of around about a 2 year payback.

MCM own 69%. They can only own a max of 74% of a producing asset (they must sell a min of 26% to a BEE in order to get a development licence, hence this was a key component of getting to development). They gave 5% to the IDC to extend the terms of the loan agreement.

Phase 2 production is upside to the above number.

Is the other company you are involved in TER? I'm also in there and I do see the benefits of TER being involved. I've been wondering about this the last few days, the amount they paid down in the 2nd half of 2021 seemed to be a lot lower than the cash they would have generated, so I was wondering if they had an agreement with the lenders where they have committed cash elsewhere. If it was them, I would see the buy in and development cost needing to be somewhere around $60m they would need to commit, so may make sense with the lower cash committed in those 6 months to debt repayment.