Ann: TECH Project Feasibility Study, page-277

I think they needed to get this out today so they can just get on with the debt financing process. Note that they actually call it Advanced Feasibility Study as opposed to DFS, so clearly they are expecting there to be an updated, final DFS prior to FID (or am I being pedantic). Industry reports indicate that costs have already started to materially decline.

Also it is most interesting to think about what GM are actually getting in return for their investment - an offtake over Stage 2 production which is years away and further, depends on the successful commissioning of Stage 1. GM do not have an offtake over any production from Stage 1. To me, this is a massive show of faith in the project.

This will be a distant memory come final DFS with revised capex and FID with debt financing locked in.

All IMO and GLTAH.