Ann: Woodlawn Production Restart Study - NPV increases by 37%, page-8

Fantastic announcement and exactly what you would expect from a mining behemoth of Bill's calibre.

- It is not hard for a $550m company to raise $60m for a copper project- But he wont do that because he is running a tight ship

- It is almost certain from the wordings that the preference here is to sell down a minority stake as opposed to debt solution

- Its not hard to get project finance for this project or a corporate debt facility at the corporate level. For someone who do that for a living, I can say for sure they are ticking pretty much all boxes looking at it from a high level.

- But Bill wants to bring in a minority partner who can perhaps also take a share of Sulphur Springs. Its great that he is thinking ahead!

- This is a punt now (all above were facts) - Perhaps he had a chat with some commodity traders in Switzerland? Most of them are based in Geneva etc.

- A thumbs up for the details in this announcement. He is not the one to hide sh!t. Even the $67 pre production cash down has been called out as the rookies always make the mistake of thinking capex is all it takes to bring a mine to cash flow positive.

- What a great project to have and what a time to bring it on. Its a little cracker that will shine bright for few years and help us put in a solid foundation for a bigger and better future. Lets just hope the Cu keeps its upwards trajectory and Zinc holds it ground where it is.

Nice work Develop team. I am buyer here!