News: Valuation update: cobalt credit, page-3

Oz how confident are you in the CAPEX estimates for the Staged Case Scoping Study?

It looks like the Capex has been split pro-rate between 1.5 and 4.0 upgrade cases, even though the costs related to mobilisation of a contractor would make it cheaper to develop a 4.0 plant upfront rather than in two phases. Would also be far more efficient given your circuitry and service installs would interrupt proceedings if you go for the staged option.

Just curious in your thoughts, because the route that they choose to go will be a big driver in the success of the project. Gut instinct tells me to use economics of scale and go for 4.0 up-front (especially considering some infrastructure/services issues with the location of the site), but CZI approached this project with a mandate of low-volume/high-grade, so they're potentially contradicting themselves here???

Being in the industry myself I've kept a close eye on the Musgraves for many years now and its good to see CZI team up with a small-tier miner and have a crack.

It'll be a bloody challenge for them, but if they can have ore out of the ground by 2022 then they'll have done well imo.