Ann: TVN Pre-Feasibility Study for Speewah Fluorite Project, page-59

The clue is in the Metallurgical Testwork section. This NPV means nothing if they can't even achieve grade in lab testwork (i.e. ideal conditions). The amount of forward works needed to validate the flowsheet shows they rushed to do a PFS before they had done the necessary met testwork to validate the flowsheet (with currently available flotation reagents). You do your testwork BEFORE you start your PFS, so you actually have a flowsheet that you can work on with some level of confidence. Prior testwork was completed on reagents that are no longer available, so it means nothing.

Not sure how they can say "the 2024 testwork program has validated the plan to utilise the remaining composite sample to perform flotation optimisation testwork" when they didn't achieve the required 97% grade...

Add this to the very optimistic assumptions (fluorspar price, government paying half the access road, 12.5% contingency at PFS stage is very low, etc) and it's no surprise that the market hasn't reacted positively.

Might have bought a small amount if it was looking positive but sorry to say that I highly doubt this project will go ahead in its current form.