Any PFS in engineering terms is prefaced by a 20-30% expected error.
Regardless, any PFS is no different to any technical and financial model: garbage in, garbage out. Only takes one or two errors to completely skew things, especially with such low in-situ grade, high volume throughput, high CAPEX projects.
Yes, CAP will need to rattle the tin, their staff, director, office and other recurrent costs will absorb existing cash quickly enough without undertaking any actual project development work. That's the nature of a junior mining company with a big proposed project that can't garner equity sale or other JV funding to advance it.
You bring up an interesting point regarding expiry of the major project status designated by the NSW Government.
Its not really a practical constraint as its largely symbolic. However, the symbolism is probably relevant.
Perhaps it's a useful investment analysis deadline to keep in mind? If CAP cant get credible FS/DFS funding by the Designated Project expiry date you quote, then when can they??? Or more to the point, can they ever get it??
New Chairman take note.
CAP Price at posting:
2.9¢ Sentiment: None Disclosure: Held
