One last thing...the current DFS update circa 2016 had an IRR at...

One last thing...the current DFS update circa 2016 had an IRR at about 41%.

Given the optimisation progress we have made including floatation / benefication (no need to build sulphuric acid & hydrochloric acid plants), civil works (20% of previous cut / fill requirements), port design (using cells and local construction material), toll processing concerntrate (I.e. no need to build the $371 million refinery), DFS based on 14% concerntrate etc etc.

Looking forward to the updated DFS this year when the pilot plant is complete.

PS. Arafura just release their DFS for Nolan’s. It will cost $1 billion and has an IRR of 17%.