I guess if they wanted to go low CAPEX, they could scale it...

I guess if they wanted to go low CAPEX, they could scale it down.

Say half CAPEX, lower production. So not having a huge 350koz upfront production year, but having 5+ years of 100koz.


But having no option to feed low grade ore into it in later years, as low grade may be unprofitable at low scale. So requiring the identification of further good grade ore, to extend it past 5 years. Or building a 2nd, larger plant later (a bit of inefficiency there, but at least having less financing costs).


If we assume that we'll identify more decent/good resources, then that would make the 2nd plant reasonable (without identifying new resources, the numbers won't stack up as well for Korbel, after having stripped RPM).

So:

1. Strategic partner? Go big - Korbel+RPM+exploration.
2. No partner? Go small - RPM or Stibium.
2a. If identifying more resources - expand the RPM plant, or invest into a Korbel plant.
2b. If not identifying more resources - bad luck, go slow to see if any options still stack up eg. heap leach, or if any cheap power options eventuate.


PFS is likely going to detail these options, and which seems best. So then it'll depend on management judgement about the ability to finance a large or small plant. Plus any exploration results pushing us in a certain direction (North Uphill and pit slopes pushes us towards RPM + any Train area exploration, but heap leach / advanced sorting pushes us towards Korbel).