well there are some things we can be confident of. not all are...

well there are some things we can be confident of.
not all are so good though.

we know from RTA presentations that PIOP costs (and not sure whether they are all-in costs) are around A$58? from memory.
I recall RTA saying that PIOP costs are similar to FMG costs.
so then we know from media that FMG is either at break-even, or now operating at a loss.

so therefore we can be pretty sure that PIOP is not viable at current prices of I/O.

so therefore we can be sure that PIOP will probably not be developed if I/O prices remain as is.

BUT, almost certainly, FMS will at least continue to complete BFS, and will probably continue FEED, if RTA continues to FEED.

FMS stated that they had the funding to complete BFS. Am not sure what happens beyond that?

But we have constantly said here on HC, that FMS and RTA are now joined at the hip.
RTA goes nowhere without FMS ore, and FMS goes nowhere without transport, and RTA is the only transport option on the table.

We have also said that Todd is the common denominator, in both RTA and FMS.
Todd is the banker.
I estimated that Todd has invested $76m in combined RTA and FMS.
So they will not walk away.

So I think the obvious scenario is that FMS produces the BFS, hopefully FMS reveals at what price the I/O needs to be for PIOP to become viable, and then PIOP development plans are put on hold.
Then FMS just operates on a skeleton staffing level and operating level, until price I/O improves.