Off the phone with the Scott himself. Won't give everything as it was 30min long.
Couple points that I found interesting :
- The 130-150m$ Capex seen in anns is for the JV processing plant. This would take approximately 200kt in concentrate per year and produce about 22-25kt Ni eq in sulfate + credits from by-products.
- The main reason we've doubled the exploration rigs and geo crews is that Scott wants to test ALL the 25 MSVs targets before the FID in 2022 !
- Regarding the concentrator, it will be based on share price and available finance at the time. They are looking at 2mtpa and 4mtpa scenarios but this is depending on what we can get out of the MSVs.
If we can prove enough MSVs with sufficient grade, Scott said there was also the possibility of building the processing plant with Ecopro, supply around half of it via our current 450kt concentrator with high grade MSV feed and supply the other half by buying concentrate elsewhere for a couple years.
He was confident this would generate enough cashflow in 2-3 years to finance our own 2mtpa or 4mtpa concentrator without the need for further dilution.
I won't top up as I am already over 30% in BSX due to the constant climb but I won't be selling a single either.
