Ann: Suspension from Quotation, page-25

From the DFS we are estimating a total production of 125 ktpa for years 1-3 when running two shifts, that increases to 187.5 for years 4-8 when running 3 shifts.

From June 2 announcement:

"The Company is now well advanced in its off-take discussions with most of the Stage 1 production expected to be covered within current negotiations. The board anticipates making an announcement in relation to this shortly. "

I am assuming "stage 1" refers to the Internal mining stages pg 22 from the DFS (below), however the below graphic from the DFS does not show stage 1, so I'm not completely sure. I'm also not sure whether stage 1 will be a whole year worth of production, or whether it will be more than a years worth of production? Does anyone have any idea?



If we assume that stage 1 roughly equates to one year worth of production, and the June announcement stated that "most of stage 1 production expected to be covered" than I would like to see a roughly 100ktpa off-take agreement. I wonder what the market expectations are?
Excited for game day!