@AlbertE, good point to raise mate. I did not make any allowance...

@AlbertE, good point to raise mate. I did not make any allowance for additional equity - it is absolutely a possibility however. When I spoke to management about this topic, they were looking at an even split between equity and finance to fund the plant. This was pre-covid, pre-very cheap money and pre-major project status, so the mix may have changed somewhat towards a greater proportion of debt, but even if we assume a 50/50 split, by the time the plant is financed the SP should be closer to 40-50c. This means that we would be looking at approx 100m in additional shares to achieve finance which would create approx 7-10% dilution. There are a number of variables that may counter act this effect (bigger resource/mine life by then, fines offtake finally being signed, exploitation of other minerals etc), so I decided not to factor the dilution. If you wish to, I would recommend factoring in 7-10% dilution to your numbers IMO.