My take is a bit different.Stage 1A (50-60ktpa) is not feasible...

My take is a bit different.
Stage 1A (50-60ktpa) is not feasible as it won’t generate sufficient total margin to keep the company operating. Getting funding for this is not possible in my opinion.

Stage 1A+ (100ktpa) has been discussed on this forum as being about the minimum size to be feasible allowing the company to generate sufficient margin to operate. If the numbers for this stack up funding may be possible.

Looks like Bob has also realised this and he has mentioned once or twice. Not sure if there are any actual communications from the company on this matter.

This Stage 1A+ may be a little bigger or a little smaller but somewhere around the 100ktpa size. It would allow the company to prove that it can produce the finished product to correct specifications, find customers willing to buy the products at a price that ADN is expecting.

If the project can get to that stage it would be considered a success and would make further growth reasonably easy to finance.

I don’t think any further expansion will happen until the Stage 1A+ is operating and performing to specifications.