The other thing to consider is that if this project just scrapes by economically and is even barely positive (it seems like it will be way better than that but worst case scenario) the government will be HEAVILY incentivised for geopolitical reasons to help get this producing (which would mean multiples of current MC for sure) as there are very few deposits in the west that meet the geopolitical requirements to compete with china and aid far grander goals the west has.
For governments, a few billion is chump change if the politics dictates it, yet we will be asking for a fraction of that.
You could also potentially see US support via the IRA, there's a number of criteria where it may apply.
Sybella Benchmarking vs Peers, page-156
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