Definitely! The OPEX reductions will be positive for long term...

Definitely! The OPEX reductions will be positive for long term cash flow however I anxiously await to see the reduction in CAPEX. I note the wording is a comparable reduction in CAPEX. I hope it is a lot more than the 10% reduction seen in OPEX ($50m over $500m) albeit vanadium. I hope to see CAPEX at $650-$700m (no method to that other than grabbing a figure I think is workable) and hope all the remaining 40% vanadium and iron are allocated to increased revenue from Ferro-Vanadium BOAs.

In my opinion, I think it is highly likely we've had financing declined throughout the year in some format, or at the every least the German ECA wants SMS to be absolutely sure TIVAN is commercially sound before funding.

You could almost say the second DFS SMS/TNG has commissioned is as much about financing due diligence by SMS as it is about the CAPEX and OPEX reduction to achieve financing. Shame it's taken 15 months post DFS to get here but it is what it is.

The interesting thing will be the announcement flow in the lead up to the AGM.


Does anyone think we'll be getting these figures by AGM or similar to last year where announcements were hyped up and never delivered upon?