Yes that's right, a current estimate of $150m - $160m will allow the neighbours to get stage 1 into production and $$$ flowing. Bermuda is out of date with his $450m capex figure, that was for doing stage 2 without stage 1. But AVL will need $530m capex, which is bigger than either figure than the neighbours will need. Here, half a billion dollars is a significant sum, and then there's the prospect of additional dilution at fund raising. I suppose you lay your bets on who you think has the best chance of getting into production.
All IMHO, DYOR
BFS, page-31
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