There'll be SMS FEED optimisation results? Which, if they are...

There'll be SMS FEED optimisation results? Which, if they are actively attempting to get mostly debt finance, might then feed into a revised DFS, with (presumably) higher capex, but also much higher commodity pricing? Could be a cracker *IF* they did another revised DFS. Debt funding could also drive an offtake agreement with Vimson/Gunvor, rather than just the binding term sheet with Gunvor. Concede these aren't likely, but if you want maximise debt, then you need to maximise your security and financial position too...

Then Ti offtake agreement and refinery EIS submission, then EIS approvals process. You never know what sort of left-field anns might come out of the BBI JV too. And if we're REALLY lucky, there could even be a new Chairman.

Perhaps a bit optimistic, but hey, I'm feeling like we really might be at the pointy end now, seeing as PB didn't actually say "pointy end" for once.