A couple of other observations now I have read through. Firstly...

A couple of other observations now I have read through.

Firstly they have dropped the cut-off grade from 0.34% Cu to 0.25% Cu whilst using the same assumptions to form the reserve of US$2.91/lb Cu and US$16.81/oz Ag. This points toward significant operating cost savings if they can now make money on anything over 0.22% Cu despite using the same macro assumptions (maybe some benefits in FX though - as USD has strengthened against most currencies).

Secondly they appear more confident of grid power supply be ready first quarter 2020. This could be reflected in the numbers. PFS reflected grid power from year 4 onwards.

It’s gone from a 4 staged pit of 4.76:1 strip ratio to a 6 stage pit of 5.7:1 average LOM. Potentially lower pre-strip for the stage 1 pit by the looks (was US$34m capex in PFS for prestrip) which could reduce capex and smooth waste mining? They reduced the pit slopes which is driving the added strip ratio.

They’re going to use long term Cu prices of US$3.08/lb compared with US$3/lb in pre feas.

Drilling is continuing along strike east/west and at depth for potential UG extensions - so unlikely to see the UG scoping study until this is done.