Agreed, we need to see that DFS to know the base case capex to...

Agreed, we need to see that DFS to know the base case capex to go it alone, so yes, patience is required.

Surely the board of EXT would recommend not responding to any offer in the absence of a published DFS? Given EXT and RIO have been in JV & re-structure talks, I suspect RIO must have a reasonable idea as to the capex associated with the stand alone option.

Once the DFS is published, we can have the debate as to the potential increase in NPV available to RIO should they T/O EXT and process the ore at Rossing North (ie 5km overland conveyor)

Exciting times.