Sleeping Beauty ASX BSX, page-2060

The downstream part of the plan doesn't change in any scenario. Whether they start with the full concentrator or just the existing. Either way they develop the downstream JV, capture the margin, and avoid the tariffs. Going with just the existing concentrator at first will just give them very valuable optionality. If their cost of capital is low (i.e. share price high and have access to cheap debt) and/or the price of nickel is high, they can immediately start to build out the larger concentrator and capture those economics. If those factors are less attractive, they can push that decision out for as long as they want to maximize the economics the shareholders. This is an amazing position to be in.