feasibility study coming next month, page-12

re: pre-feasibility study coming next month Previously they have only referred to it as a 'feasibility study' (see the last three paragraphs of the Directors Report in the Dec half yearly accounts) - so this is the first time they've changed the terminology - my understanding of the facts are that they won't be doing a BFS as they don't need debt financing or even equity financing to fund the estimated CapEx of $15mil(or less).
They'll have at least that amount in the bank by the end of June after another cash generating quarter and the exercising of the listed options(that has been underwritten).
I do expect they'll be in production at Phillips River before the end of this calendar year.