Ann: Refinery PFS and updated Mine & Concentrator Scoping Study, page-3

That's USD and doesn't include contingency.

Total cost is USD$755m including contingency. That works out to a little over A$1bn at current exchanges. KDR will be well short of funding their contingent. Taking on basically your entire current MC at debt would be pretty risky and I doubt the lenders would agree to it. Li debt funding is still on shit terms across the board. TAW are already producing and just got debt at LIBOR + 13% (~15% interest rates).

Definitely going to be a CR if they want to progress the concentrator and the refinery anything close to concurrently in my opinion.