For me the only way the updated DFS will be positive is if it shows first stage (whatever the nomination) to be cash flow positive.
If the first stage will be losing money there is no chance of funding.
Regardless of what future stages promise.
ASX is full of companies with MC of $150 million who need $900 million or more to start their project. NPV is not relevant if there is no clear pathway to funding.
General comments/chat, page-39604
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