Ann: September Quarterly Activities and Cashflow Report, page-31

See full Q3 sustainability report on SYR website. The appointment of two senior engineering roles indicates that construction announcement isn't too far away, perhaps the hold up as been agreement on size. I wouldn't be surprised they skip 10ktpa which would require extra time to secure funding and adjacent farmland. On BAM BFS numbers, 40ktpa AAM output would return about $80m p.a profit with the natural flake delivered from Balama at cost price of U$430/t from memory. All things being equal, that should result in a MC of ~$1.5b?