That still seems consistent with earlier guidance. If production starts in 2025 there will be a ramp-up period.
For simplicity assume production is 320kt/yr in a full year of production (The DFS is some significant upgrade on 255kt). 2026 is being stated as a full year of production. If you were running at full production, each half year would be circa 160kt.
If everything goes well then A11 might get close to 160kt in the 2nd half of 2025. The first half of 2025 is however incredibly likely to well under 160kt and more likely than not also under 80kt. This will be due to the combination of unexpected (well really expected) delays in something along the pathway to production meaning production doesn't start right on the beginning of 2025. Additionally ramp up issues mean that even if the rampup was evenly timed from 0 to 160/half year over the full half year at the start of 2025, the first half would be 80kt.
A11 Price at posting:
62.0¢ Sentiment: Buy Disclosure: Held
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