Ann: Blackwater Project Preliminary Economic Assessment, page-3

Yep, it seems so! The $76M covers 2.5 years of pre-production and includes (roughly) $10M on surface infrastructure, $20M on a processing plant and $30M on mining (creating the access decline and new underground drilling platform). Only in year 3 can they infill drill and refine the resource! They must be pretty confident to spend this amount at risk. It seems no more capital expenditure is then required to start mining. They already have consenting approval to mine which is important.

Is an after-tax IRR of 22% good?