Ann: Savage River Underground Prefeasibility Study Results, page-25

So looking forward if the Enterprise Optimisation Study confirms trucking (electric motors not diesel) is the preferred handling method (as opposed to expensive shaft and conveyors as shown in fig 3) and DFS gets board approval, GRR can reduce C1 by apprximately 20%.

With current IO 65% Pellet prices improving, open cut mining continues to be profitable so with $+500M in the bank, GRR can easily pay $160M capex to for NPUG, continue to pay sustainable divys as well.

.....4 to 5 years as open cut is replaced by UG, cost of mining ore at $17-$22 /t, GRR will be in a better position to bankroll SD.