ADN CHART, page-4830

100% agree.

I know I'm preaching to the converted, but for what it is worth the following studies are generally used in determining the viability of a project:

1. Order of Magnitude otherwise known as a Scoping Study.

2. Pre-feasibility study which provide details of the project resources, business case, mining plan, life of mine, quality considerations, plant and operational costs, marketing plan, logistics etc. to a degree of 20 to 30% accuracy. In the PFS it will normally indicate areas that require further study or consideration, other opportunities etc.

3. Definitive (or Detailed) feasibility study, which drills down harder on the details, firms up the business plan in terms of costs and forecast revenue, marketing strategy, investment and finance and is accurate to 10 to 15%. Generally this is the final study on which the decision to go mining is based. In my experience this study has also been known as a "Bankable" Definitive Feasibility Study, but I suspect that the BOA's will come after the DFS and they will be used to make it a Bankable feasibility study.

We cannot underestimate the importance of this document and it's value to investors. This is a very big deal and anyone who knows anything about business will know that this will have a massive effect on the SP.

I suspect the inner circle of ADN already know what the DFS is going to say and hence the level of confidence coming from them if asked.

I think the Japanese company had a lot of faith in this outcome too and started early with trials to get one step ahead of the pack ... they are very smart.

IMO