Ann: Mining Study Results Fortitude Gold Project Stage 2, page-14

I'm guessing they want to push ahead with Fortitude as quickly as possible.

But some food for thought. If - and the big if - gold prices remain where they are now ~$2250 AUD/oz, in about 4 months time:

Red October mining will be approximately half way complete.
Free cash proceeds from the first 50-60% of the project will be around $5m by my maths.

Almost enough to fund the Fortitude up front costs.

Again, if gold prices remain as they are currently - or are hedged at similar - and the project meets the ASX announced metrics, two years after commencement MATSA could be looking at close to $30m cash generated from that project. The current company market capitalisation.

A last hypothetical. If AUD POG hits $2500, the Fortitude mine could spit out about double the cash surplus mentioned in the ASX Update.

Figures based on my own models of different gold prices with company expenditure extraction figures.