Depending up on what source we are going to fund capex i.e. debt, raise equity or via equity partner, we won't need to pay off by 2027 so we should have plenty of free cash for expansion. I reckon the expansion will commence after 1st year of production. By 2027-28 we should operating on higher production level. By 2030 Muster Dam should come online if not earlier.
Ann: Positive PFS Results for Razorback Iron Ore Project, page-288
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