Scoping Study / JORC Mineral Resource / Feasibility Studies / Permits, page-40

I wasn't going to dive into LTR's economics but since you asked.

https://www.asx.com.au/asxpdf/20191202/pdf/44c5sl1f7dp8nv.pdf

I'd believe what they have shown in their PFS ...

The correlation between strip ratio or material moved and net margin on a percentage basis is pretty clear if you put the charts on the one page.

Strip ratio in the first 12 years of mining averages around 15.0. This means that for every 1 tonne of payable ore they need to move 15 tonnes of waste. That's waste that they have to blast away ( cost of explosives, mine staff ) then pick up with a loader ( fuel, maintenance, drivers) and then move to a waste pad ( fuel, maintenance, truck drivers ).

So let's say for a simple example the mine 100 tonnes of ore, they have moved 1500 tonnes of waste. That all costs money and seriously erodes economics.

It's only when strip ratio drops to below 10.0 that the cashflow as a ratio to revenue starts to improve.

It's from 2040 that they start to get the more respectable cashflows since Waste to Ore or strip ratio has dropped to 2.5.

They are going to need to do some very expensive and deep resource infill drilling on very tight spacing to minimise risk via the DFS.