sophisticated holders sold their shares, page-20

IMO the reasons that PFS has been delayed are twofold

1. Both open cast and underground options are being included as against underground option originally.
2. They are now looking at upgrading the Tungsten to higher value product which would enhance profitability.

Also the fact is that most aspects of a PFS & BFS are carried out by outside contractors and as such the company has little control over the timing of receipt of these studies.
I believe that the delay will turn out to be a positive not a negative and to those who are frustrated by the delay obviously have no idea how much work is involved. To get the SP moving, they don't need to increase the current resources, but convert what they have already into reserves.

cheers