German impacts, page-693

I wonder if Vulcan management may strategically time the release of the DFS until post March 8, 2023, when the EU unveils the Critical Raw Materials Act.

https://www.reuters.com/business/sustainable-business/eu-urges-european-banks-step-up-funding-critical-minerals-2023-01-25/

There could be a range of new support mechanisms, including more favourable funding options for Vulcan that will better link to the optimal financing strategy and Final Investment Decision (FID).

Many ASX companies get punished when they release their DFS, particularly when the capex is high and funding of the project is unclear. Anything Vulcan can do to avoid this common trap by telegraphing their capacity to tap into sufficient funding sources, including potential new EU money, will be important for investor confidence and avoiding attracting the short sellers. Furthermore, with inflation starting to moderate, the costings in the DFS may become more favourable as time goes on as supply chains normalise and China re-opens.

It's a tough juggling act balancing shareholders anticipation for news and what's in the best long term interest of the company!