Ann: Battery Minerals 121 Conference presentation, page-8

Montepuez Stage 2 has pushed right. Now 2 years after production start. Previously 1 year after production start.

( my annotation below )



This will theoretically allow them to pay back debt on Stage 1 (2 year payback ) before they need to fund Stage 2. That will be an additional USD $25M - $29M CAPEX ( from October 18 ). Free cashflow will make debt finance easier. It also gives more time for demand to grow. I guess they can bring it forward if demand justifies.

Stage 2 leaves capacity also for a major offtake ...

Stable growth if the market allows it. Much less risk rather than investing mega $$$ in a mega plant upfront ( as many are trying to do ).