Positive Article, page-11

I gather the $150m includes mine works and processing facility

Yes but it's just a broker's estimate so don't read too much into it. Wait for guidance from SVL. It does gel with a previous scoping study for Bowdens based on roughly the same size operation though so it's probably in the ballpark.

I'm still struggling to see how they intend to get 47g/tonne of silver (which is 1.5oz) out of each tonne and make a profit

They're don't. 47g/t is the global resource silver-only grade. Are you aware that the global resource grade is not the same as the mined reserve grade? And what the concept of silver equivalent grade is?

The mine reserve will be a subset of the higher grade measured resource and you need to use the AgEq grade, not the Ag grade, because they will be selling not just silver but lead and zinc as well. The AgEq measured resource grade is 77 g/t (or thereabouts depending on what price assumptions you use) which is 2.5 oz/t, not 1.5.

As for margin we don't know what that will be but previous opex estimates were in the A$20-35/t range which leaves plenty of margin for paying off capex. Bell Potter estimates all-in cash cost of US$15/oz for what it's worth.

SVL are planning a smaller operation targeting only the high grade zone. KCN were targeting a 4.5 Mtpa operating for 10+ years which means >45 Mt of ore. The (high grade) measured resource is only 24 Mt so their plan included lower grade stuff in the indicated resource zone.

Lots of detail on the ground held and the ore potential but little on the extractive side

It's too early stage to expect anything much on the extractive side. They are completely redesigning the operation from what Kingsgate had envisaged and they will need to develop a new feasibility study from scratch. They'll release more when they know more. At the moment they are focused on their EIS submission and testing for resource extensions.