The signaling on McPhillamys is very bearish:
"Heated construction market" means higher capex.
Also foreshadowing a reworking of the DFS because of unforeseen approval conditions that "may not have not been taken into account"... but no hint of what they might be. Could be about water rights, which is critical.
I suspect there are issues that management has known about for ages that could actually kill the project, and that's why they over paid for Tropicana.
Ann: Quarterly Activities Report, page-27
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