There sure is alot of potential scenarios on the table.SS of...

There sure is alot of potential scenarios on the table.

SS of downstream setup is going to be the crucial factor. (est. end Q3)
Its 50/50 either a POX type setup off site closer to industrial zone or glyLeach setup.
With the latter essentially removing the need for a JV structure and footprint being in upstream.
Capex difference $130m (split 50:50) vs. (unknown, but alot less)

Upstream the 2 scenarios remain.
#1: Start mining (looking highly likely Ban Chang) MSV and put it through existing 450kt setup and feed into OUR downstream setup (what ever that is to be). They will not lose 20% to tariffs and the premium of NiSulphate.

#2: Feed MSV & DSS ratio approx up to 20:80 into 2mt upgraded concentrator.
Alot more upfront cost involved Capex for Upgrade, Open and U/G.
But producing alot more tonnes to be debt off quickly.

Alot for management to consider and also how to minimise dilution.
End of the day in a few years time this will be a multi-100 million dollar company and we will all be rewarded well.