They are working hard. $20m I think is for PFS & some more...

They are working hard. $20m I think is for PFS & some more drillings to get to 1bt before yr end if lucky. However, 1Bt doesn't mean much without JV partner nor DSO. DMA has about 1.4bt (similar grade) market cap only $20m<. Similar to PDY (850mt). However, ROY has great infrastructures, so might get higher valuation.

I actually like the CAPEX $500m 2.5mt pa option over 12mtpa in their scope study. Just got a better chance getting funding & FASTER to get started IMO (time is money). Once get some cash flow going, then expend bigger to 12mtpa or takeover other companies using the same railway like AGO is doing.