The company has signed some good partnerships, financings with partners and offtake agreements. It is currently doing a feasibility study, expected in Q3 2025. A preliminary study showed a 34% expected return on $640M capital costs. Construction is not expected until 2028 and commissioning/production in 2029. Typically we add a year to 'expected' timeframes. Things have already been delayed due to last year's forest fires. So there is still plenty of time risk here. But, we think it is a robust project with recent good discoveries and should have low all-in costs. The stock has been hit very hard, down 69% in a year, with the sector and the general market. Its small size adds risks. We think management is doing all the right things in moving its project forward, but of course this guarantees nothing. It should still be considered very high risk.
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