Ann: West Arunta Project - Luni Metallurgical Results, page-144

Yes these studies take years, my point is that most of the long lead items are done, nearly done or progressing well. Once the required information is completed it only takes 3-6 months to compile the study.
,
Green 90%-%100 Done,
Purple = Progressing well,
Red = I don't know where they are up to with that
NOTE: Dot point "F" will fall into place once the rest of the checklist is done.

Scoping study requirements:
A. Geology & Resource Estimation

· Initialexploration & resource drilling (RC & diamond drilling)

· Geologicalmapping & geophysical surveys

· Preliminary3D resource model

· Initialtonnage and grade estimation (Inferred Resource)

· Early-stagemineralogical/metallurgical characterization

B. Mining

· Preliminarypit shell optimization (open pit)

· Earlymine scheduling (basic production rates)

· Initialstrip ratio estimates

· Basicgeotechnical and hydrology considerations

C. Metallurgy &Processing

· Initialmetallurgical test work (e.g., flotation, leaching)

· Orevariability assessments

· Preliminaryprocess flow sheet

· Early-stagerecovery estimates

· Conceptualprocessing plant design & throughput estimate

D. Infrastructure &Logistics

· Initialsite layout & conceptual infrastructure plan

· High-levelpower, water, and transport studies

· Proximityto ports/rail/roads & logistics considerations

E. Environmental &Social

· Baselineenvironmental studies (flora, fauna, water, cultural heritage)

· Early-stagesocial impact & community engagement

· Preliminarypermitting risk assessment

F. Cost Estimates & Financial Analysis

· CAPEXEstimate: Order-of-magnitude estimate of capital costs

· OPEXEstimate: High-level operating cost estimate

· RevenueProjections: Based on early resource models and pricing assumptions

· EconomicModelling: NPV (Net Present Value), IRR (Internal Rate of Return), PaybackPeriod

· SensitivityAnalysis on key risks (price, cost, recovery)

G. Risk Assessment

· Identificationof key technical, financial, and environmental risks

· Initialmitigation strategies