Ann: Positive Redmoor Study Results & Re-commencement of drilling, page-66

We should also factor in this line in SML's announcement.

"The study completed by Fairport included a preliminary design of a 700,000 tpa processing plant and related surface infrastructure and capital and operating cost estimates for the processing plant and surface infrastructure."

With Wolf Minerals already forked out for a processing plant, some 40km down the road, so there may not be any need for this to be built by us at all. I know that some initial consultation was carried out with Wolf on this, but it was not progressed far, likely because until Redmoor gets closer to the fact, why would they waste their time?

Still it would be a win/win for both us and them, and imo not something that should be overlooked. How much of the $115mil is made up from this plant is anyone's guess, but I'm quite certain it wouldn't be cheap.