El Jefe - you are correct that the PFS is US$1.4B for start up.
But in going back to the PFS, I also noted the changes in actual iron ore prices for premium iron ore since the PFS.
The PFS assumes 62% Fe at US$63/t and 65% Fe at US$75/t as benchmark.
However, Hawsons Supergrade is 69.9%Fe and PFS adds premium of only US$13t for grade and magnetite. The PFS assumes sale price of US$88t for Hawsons Supergrade 69.9% Fe.
Whilst 62% Fe benchmark price has been hovering around US$64-68/t, it is the premium being paid for higher grades that gets interesting.
The price for 65% Fe has been hovering around the US$90 mark for some time and is currently US$94.10/t.
https://www.*.com.au/iron-ore-price-rebar-futures-shanghai-dalian-2018-7
If a premium of US$25-30 /t is being paid to go from 62% to 65%, an't help but wonder what price Hawsons Supergrade would fetch.
It makes the revenue numbers in the PFS look very conservative.