Not sure whether you've seen Paterson's research note, but their...

Not sure whether you've seen Paterson's research note, but their NPV valuation (and hence price target) is strongly driven by capital costs of c.$800m over the first three years. Does anyone have a sense as to whether this is a reasonable estimate for what is required to commission the project, including beneficiation, transport etc?

This estimate relates to the plan to develop the project on the basis of the 100MT of DSO and will become redundant once the new PFS for a larger scale project is released anyway, but it would interesting to confirm that this is the quantum of CAPEX required.

If the estimate is conservative because of the current uncertainty surrounding some of the transport options, its revision could offer significant upside. Any thoughts?