Ann: Optimisation Works Update Feb 2025, page-27

@willial - Can I suggest you take a closer look at what current management are doing.

I acknowledge that previous management had a "pipe dream" of going straight to 20Mtpa using an unbuilt slurry pipeline to an unbuilt port.

However, current management are have indicated that they will target 10Mtpa using existing rail and an existing port (Adelaide). However, scaling up to that could be something that they are considering. The following is from the ASX announcement of 18 February 2025:

"The likely multiple VRM units that will be required could be implemented in a phased approach that includes targeting the shallow easy to mine Fold area of the resource in the initial years to better expose the extensive resources in the west regions for mass mining. The potential phased approach of the dry processing technology will ultimately reduce project risk and costs." {Emphasis added]

So if you combine the dry processing circuit and its benefits (reduced capital costs, operating costs and risk) with a phased approach where they scale up to 10Mpta along with using existing rail and port - and you get a very different economic proposition and one where the IRR and capital costs required are likely to much improved.