Ann: Investor Presentation, page-10

No you're wrong, there's no mention in this presentation to say that the BFS is being updated. They have now decided to do an "Optimised Feasibility Study", which is basically a new Feasibility Study, but not with the level of detail (and accuracy) associated with a "Bankable" FS. What is bound to happen is that they will complete the OFS, and then say that the financiers require a new BFS. That was the reasoning why they did the BFS in the first place. And so these studies will drag on and on, along with mounting costs and more cap raises. Furthermore, why are they doing optimisation studies now anyway ? Wasn't that supposed to be known prior to the merger in order to justify it ? Appently not. It's as if they've said "let's merge", and just mention the "synergies" word, then figure it out in detail afterwards by doing an optimisation study. I remember all the comments here from two years ago when posters were saying - once the BFS drops, it will be full steam ahead and the mine will start production in about two years". Never happened. Two years on, they've still got no finance, no EPA approvals, no binding offtakes, an outdated BFS rendered useless, and now it appears no existing mine plan. Around and around they go, plan after plan. TMT did much the same.

All IMHO, DYOR