There was one thing Grant said which, for some reason stood out...

There was one thing Grant said which, for some reason stood out for me in relation to the Fluorite project.

In April's resource upgrade the numbers were 37.3 million tonnes at 9.1% CaF2 with high grade at 8.6Mt at 22.8% CaF2.

29:55 there will probably be another contribution to life of Mine extension which is that these resources are depleting so fast around the world that anything which is high grade as we are um ends up with uh you know mid-grade tailings for example and those mid-grade tailings will become high grade by the time we work through the high grade stuff

Many years ago I worked at Lihir Island gold mine - one project we built (with SMEC) a geothermal power plant which used the natural steam from the extinct volcano to produce electricity for the gold mine & processing facility. A year or so later I was back when they put in an oxygen plant with Air liquide.

Similar to the above in relation to Fluorite, there was high grade & low grade gold bearing ore. The low grade stuff was the easy stuff to get at, the higher grade ore they had to get past the low grade ore to get to the high grade & thus more profitable on a dolllar for dollar OPEX cost.
So the mine plan was to blast & stockpile all the low grade ore, process the high grade ore. The higher grade ore paid for the mine operation - all the drilling, blasting, heavy machinery, workforce to run the mine as well as the process facility & the stockpile build of the low grade ore.
When the high grade ore was depleted they were planning on shutting the mine operation down - saving massive amount of ongoing OPEX & the work through the already mined low grade ore stockpile. IOW LOM may have been 20 years however Life of process facility due to much easier to process the stockpile, was going to go for much longer than the mine with much lower OPEX.

A couple of other examples of this would be that I've family members who live up around Bendigo area which was a huge gold precinct for many years. All around Bendigo there were 'mullock' hills or the spoils of mining operations. As a kid we used to explore these mullock hills, they were effectively settled soft rock hills. Over the past 10-15 years these mullock hills have disappeared as there was enough residual gold in the tailings to put through modern gold recovery processes to make a business of this.
Likewise the entire tailings dam for one of Australia's major Zinc producers has been hydroblasted to re-process the tailings & recovery trace metals.
All examples of low-mid grade tailings where, because the rock has already been mined & all that entails, the processing cost does not need to include mining operation OPEX thus making them profitable.

My point - from Grant's comment, something like the Lihir model sounds possible where the high grade ore will pay for everything, however even when it is depleted the processing of the lower grade stuff will continue even when mining operations may have ceased & the company is running at a much lower OPEX. So 10 years may be much much longer and with this in mind, there really is a lot to look forward to & for a long time even from this one project.

"which is to say that my commitment now is to get the company to First free cash flow and that's different that's a higher hurdle"