I did include this, but the expansion doesn't change the cost...

I did include this, but the expansion doesn't change the cost base much - it primarily adds more volume and more profitable volume is more profits.

In the summary I'd done I was used the year 1-5 USD summary totals where operating costs are US$2.91/dmtu for stage1 and drop to US$2.65/dmtu in stage2 for a cost reduction of US$0.26/dmtu (5th bullet point) - We don't have clarity yet if costs are aligned to the PFS.

Using life of mine figures (not yrs 1-5 used earlier), E25 clarify that a 3x expansion has site costs dropping from A$2.13/dmtu to A$1.58/dmtu. Logistics, Marketing and royalties barely move in dropping from A$2.17/dmtu to A$2.14/dmtu. Corporate costs drop from A$0.25/dmtu to A$0.09/dmtu. The site costs drop appears to be from a mixture of site management costs dropping and more efficient use of equipment (current processes don't utilise all the equipment 24/7).

Yep - item #4 on your list, an off-take agreement for circa 700kt/yr would be good to see.