scoping study, page-9

Looks very positive to me.

CAPEX for 500ktpa production - $114m (ability to be significantly reduced with Exxaro co-operation and lease of rolling stock instead of upfront purchase)

CAPEX for 2mtpa production - $231m (ability to be significantly reduced with Exxaro co-operation and lease of rolling stock instead of upfront purchase)

OPEX - $41p/t (Assume this would increase if the rolling stock was leased instead of purchased upfront)

Product quality - 64%Fe

All signed off by WorleyParsons. Stage 3, 5mtpa not included in Scoping Study. I would assume that would have to do with stage 3 being reliant on a new port, and no one knows exactly how funding and costs for that infrastructure would be split between stakeholders.

The fantastic news is a CAPEX of $114m for the 500ktpa operation (generating cashflow), which could be further reduced, and the OPEX of $41p/t, which really is a great result. The big question now is, what sort of funding arrangements can management secure? I'd love to be a fly on the wall at any meetings EQX were to have with M&G, Blackrock & JP Morgan.

Market is liking it, up 7.7% on 167k. It might pull back during the day though.