Ann: Presentation - RIU Explorers Conference 2025, page-2

"Subject to investments for debottlenecking and extending the existing rail - 20 Mta of additional haulage capacity should be achievable"

I think 100Mtpa is overly optimistic and any price targets should be based on a 20Mtpa valuation.
It could still be very good, but the valuation will be significantly lower than 100Mtpa.

I also think drilling and delivering a PFS before the end of the year is optimistic, especially considering the complex workflow and scope of the project.
However, with Vale on board, I guess anything is possible.