Great read about EMH, page-174

from what I read we have an acceptable investment project IRR value.
From the very little I read about this and will explore it more at some point what I gather investor mentality works something like this:
if project is small I want a 25% iRR
If project is medium I want 21%
If project is large I want 17%
(Those values are just examples)

So now you can assume the aim is to increase production, lower capex RATIO.
Thus Increase project size and Increase in IRR.
Maximising the investment appeal.
And of course 'hoo haa' higher farmout increased profit
Thus the next step expansion study..

He also may source some up front funding via an offtake agreement
There's many ways he can go about it, I'm confident he will execute it efficiently and wouldn't be surprised if he has a plan for that side of it already.


It's funny u mention the initial tin production sacrifice/reduction in capex option (if there even is one) was wondering that too. But again, there is nothing they wouldn't be aware of. Leave it to the company.