My estimate for the whole plant capex was A$750M. I’d like to...

My estimate for the whole plant capex was A$750M. I’d like to see some basis for that Argonaut assumption of A$150M for the POX plant as it does not look close to some of the Russian plants that treat concentrate. If they’re assuming a 7.5Mtpa the POX plant would be larger than the Russian plants too. The Russians plants cost US$200M+.

The AISC figure looks unlikely. POX doesn’t just add capex it adds massive opex particularly energy costs. Where has this been accounted for? GOR is a poor analogue. The capex for Gruyere was A$620M as well. Did these guys check basic facts before producing this report?

What are Argonaut’s disclosures and relationship with DEG? Did they run the last capital raise? This smells of aggressive assumptions (other than gold price) to get fees for future raises.