Ann: Feasibility Study Confirms Outstanding T3 Project Economics, page-5

You get the feeling MOD mgmt would like SFR onboard as a partner to help with the financing and mining of T3 but they’d like to stay on and explore the land package. SFR were clearly not willing to do a deal in this form, hopefully they can find something mutually agreeable or some other suitable financing without SFR. There’s not many Cu projects with such a low capital requirement.

SFR will have capacity at around $600-$1000m to both buy a project and fund the capital, they could effectively do that with A$450m here $250m capex, $200m acquisition), I can’t think of another project that they can afford and that helps them maintain their production profile. Degrussa is out in 2022 on current mineplan I believe and T3 looks to be coming online early to mid 2021.. perfect timing.