Ann: Pre-Feasibility Study Further Improves Poochera Economics, page-4

• All In Sustaining Cost2 (AISC) averages A$354/tonne of refined premium halloysite-kaolin product with an anticipated selling price3 of A$700/tonne;
• Project cashflow of A$1.97B pre-tax and A$1.39B after-tax;
• A 35% increase from the previous Scoping Study in pre-tax NPV8% to A$736M and unchanged IRR of 175%;
• After-tax NPV8% of A$511M and IRR of 135%;
• Pre-production capital estimated at A$13M with a maximum cash requirement of A$28M prior to initial revenues being received;
• Payback period of 15 months from commencement of mining, through Direct Shipping Ore (DSO) mining, shipping and tollrefining activities;
• Onsite wet-processing plant and infrastructure, fully funded by revenues received from DSO production, to be constructed in the second year of operation at a cost of A$56M.

Yep, it's a ball-tearer.