住友商事株式会社 - Sumitomo Shoji Kabushiki Geisha, page-87

In the next few weeks the PFS produced by Lycopodium should drop.

Pre-empting that there are a couple of data points that hopefully indicate roughly where this PFS could land.

The first from earlier this year :
https://www.fastmarkets.com/insights/construction-begins-at-ares-us-acidspar-plant-fluorspar-deemed-critical-by-govt/


The second :
https://x.com/grantfwilson/status/1755013536781402350

The third :
https://download-files.wixmp.com/ugd/8105fa_a8add2f7447849ca89a61265de1f35b2.pdf?token=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.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.StFrpithfEtNxHjEyNZVGH3sLMcGpURovdkdb-7NwoI


Specifically :
https://www.aresmining.com/post/ares-strategic-mining-completes-conceptual-mine-planning


Conjecture is this :
Australian/Speewah production zone 140ktpa to 300ktpa.
Total NSE $US/t Fluourspar range $577 USD to $720 USD.
AIC baseline $219 USD tonne

I'm no accountant but assuming mid range for all 3 figures above - 220ktpa.
Fluorspar of $610 USD - $134MUSD
Total NSR $US/t mill feed - $300USD @ 220ktpa = $66M USD
$68M USD less capex cost of circa USD $200M.

These numbers are going to be way off however, relative ROI will not be that far off the mark IMO.
No idea what the pay down on USD $200M would be, but this looks like it will be relatively profitable.