Updated MST Access Val, page-62

MST EXTRACT
Black Swan significantly lower cost and 4 years faster than a greenfield projectThe Black Swan refurbishment per the BFS will cost a total of A$50m initially and a total of A$100m over the 4-year life of the project. The initial refurbishment will take12 months to complete. Industry estimates for the cost of building the equivalent processing plant and mine infrastructure for Black Swan is around A$400m.The Black Swan project is substantially approved. Industry estimates of the approval times for a similar project for Black Swan would be at least 4 years, with a minimum 2-year construction period – meaning that, if a company were to start the process for a Black Swan project today, first concentrate would likely be in mid-CY2029.

Dear MST, according to POS announcements and interviews, POS should have been producing for a number of years already. You say that a greenfield company would likely be producing in CY2029. Even then, they might beat POS to production !!!!!