Ann: Pre-Feasibility Study Completed for Mackay SOP Project, page-70

These guys have claimed to have de-risked this project at numerous steps only to change what they considered de-risk.
Harvesting is case in point. Dry harvesting was de-risk and conventional. Then we had the logistics study which up until a few weeks ago was road/rail, which was loved by the analysts because of the cost advantage over road. And now you have nearly 600km of dirt.
The discussion we are having is warranted because these guys have talked themselves up or at least given that image, telling us that Euroz is on standby to pony up the capital. Now they have now delivered a PFS that is respectable but has blown out significantly, all on the back of a massive MC premium.
Based on their rate of spend they may well need to do another cap raise to complete the DFS.
I'm expecting the usual AMN style presentation imminently. The signature output increase was no doubt intentional and might have been tweaked after RWD delivered its own PFS just so AMN could claim the title of biggest and best.