Ann: Great White Kaolin Project - Definitive Feasibility Study, page-271

well I guess there's no dressing this up it's an un mitigated fail when measured against the expectations of holders and perhaps against the backdrop of JM's marketing strategy

however, it is only the DFS, the reality check on on the PFS and scoping study whereby all the metrics, have gone backwards

it was my strong belief that whilst initial stage 1, or even 2 would print lower than PFS, there would be a significant upside with potential larger increase in production stage 2 or 3 but this has not transpired.. 600 kt throughput as a max business case just seems so much lower than I was anticipating.. I thought in a stage 2 or 3 we may have been nudging 1M t throughput .. anyway it is what is and if the plants are limited to 300 kt then so be it

To be honest, I was totally confused as to the total throughput numbers while reading the announcement .. but my conclusion is unfortunately that 300k t is the max plant capacity X 2

Is there any upside we are missing here, amongst the carnage ?

what cannot be included in any DFS is of course HPA, CC, or even the large potential with the concrete additive if a big supplier came on board

right here right now, it's a massive disappointment and I guess all bets are off with each holder scrambling to figure out what to do next

GL to those that continue to hold and may fortune turn around while for those that sold, well done