Excellent points. It's also crucial to remember that working through several stages was not always THE plan, it was A plan. At one stage, the hope was to bypass Stage 2 entirely and proceed directly to constructing a commercial 10 ktpa (or even 15 ktpa) plant (see below). The only reason this didn’t materialise was their failure to attract sufficient investment to cover the CAPEX for a plant of that scale—and over six years later, that challenge remains.
Anyone insisting that the company's strategy hasn’t changed is simply engaging in revisionism. Initially, there was no intention to conduct a feasibility study, but the so-called "fast-track" approach has since been abandoned. Likewise, the decision to align the EPCM contractor award with securing a strategic investor reflected another shift in strategy. Originally, 10 ktpa engineering/design was projected to take just 3-6 months, yet here we are over 18 months into that process, where the company appears to be deliberately slowing progress to manage appearances—because, frankly, there isn’t much else they can do to simulate forward momentum.
The narrative that everything is "on track" and continually "de-risked" is nothing more than a fallacy. It's abundantly clear that the "strategy" has not been followed as claimed—how anyone can suggest otherwise is truly baffling.
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