Ann: Pre-Feasibility Study Further Improves Poochera Economics, page-296

What have I missed in this PFS?
It really incredibly well.

All In Sustaining Cost (AISC) averages A$354/tonne of refined premium halloysite-kaolin product with an anticipated selling price of A$700/tonne;
Project cashflow of A$1.97B pre-tax and A$1.39B after-tax;
A 35% increase from the previous Scoping Study in pre-tax NPV8% to A$736M and unchanged IRR of 175%;

Pre-production capital estimated at A$13M with a maximum cash requirement of A$28M prior to initial revenues being received;
Payback period of 15 months from commencement of mining, through Direct Shipping Ore (DSO) mining, shipping and tollrefining activities;

One of the nicest reading PFS in a while. Low capex with long mine life and the NPV compared to the current market cap leaves plenty of room for movement. I haven't bought as I've only just come across this but very keen.