Looking at the cost of the module expansions from the scoping...

Looking at the cost of the module expansions from the scoping study an uplift in ~45m equates to around 1 module.

my assumption based on the comment is that the initial start up production rate of makuutu will be based on 2 modules ramping to 5. increasing revenues in the earlier years now they've got a larger resource to underpin the study by. this in turn may actually result in more favourable IRR's but probably a larger NPV compared to slow ramp.

I see some quotes in the thread here about to total capital required over the life of the project - lol not to be mistaken for the start up capital which obviously makes this extremely more cost effective to commence production. 130m usd 50:50 debt equity minimal dilution especially when you expect the s/p to be at higher level post offtake, refinery study, pilot plant production, magnet recycling etc etc

don't post much as not much to add, that and the discussions have been fairly low brow. looking forward to the 6 months ahead.

2 x studies. mine and refinery.
mining licence
pilot plant for makuutu
pilot plant for magnet recycling.

SF2TH