I echo the sentiments above. Part #1. I'd missed the updated capital figure in the Jan 2025 Butcherbird expansions case.
A couple of observations regarding this:
Crushing, Screening and washing was $8.7+$4.4 for $13.1m. Now $16.7m
DMS was $10.8m and is now $6.0m
Others are all lots of small items / regrouped slightly differently
There's now a lot more for Construction and PCM (probably Project Construction Management)
You always need a decent sized contingency at an early stage but once a purchase order is place for the $23m of physical equipment the contingency on that will be able to be progressively scaled back
The items of capitalised opex may relate to either already spent items of opex or items, items of opex spent after Jan2025 but before FID or items that would ordinarily be opex but after FID the primary activity of management is overseeing the project so they are including some management time as part of the project cost (allowing BAU costs to decrease while the construction is underway).
The funding gap is still there, but its a lot smaller than it was without the $50m.
E25 Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
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