Ann: **anintha Pre-Feasibility Study and Maiden Ore Reserve, page-65

I agree with your earlier comment regarding timing.  That assumption of 2021 construction and 2022 production leaves a mighty hole for 2020.  The DFS should be finished part way through next year, pricing and contract offtake discussions should be happening in parallel and a decision to mine should happen by end of 2019.  That would leave 2020 for construction and first prodn.  Potentially you could fast track that further with a willing partner underwriting progress.

Win-Win goes to 7-8,000tpa demand from 2020 and are interested in financing and offtake deals with AVL.

If they avoid 250+ m options converting that's room for a very decent Win-Win shareholding, without any more dilution than was expected from the options. 

And the market waking up to all that, if it should it happen, would light a fire under this.