Ann: Antler Copper Project Pre-Feasibility Study, page-9

It is a complex document, though nothing compared to what Nth American companies have to release to market (the original PFS and Appendices as delivered to the company, no selective summary, tables and diagrams). IMHO, all you probably need to know is the share price has dropped slightly back to the 3c support it was languishing at over the very, very long time before releasing the PFS to market.... the leaky Efficient Market Hypothesis strikes again!

As some pointed out, the devil is indeed in the detail and on a first skim i see a lot of devils. I really don;t have the time or motivation to do the PFS any quick justice, so I'll just point out that my concerns of an overly optimistic SS based on a 'frilled neck lizard MRE' is coming home to roost... Honey I shrank the Mining Inventory Below is slightly different orientation long sections, but the RHS shows the PFS vs SS23 outlines, and RHS shows where I believed the MRE was way to optimistically dragged out east up and down the entire deposit. The PFS MRE is based on an outdated MRE that will shrink and cause more pain for the DFS imho..



Below is the SS23 Mining Stopes vs PFS on the same scale side by side. Note in NWC's usual style of making comparisons between studies more difficult than picking a broken nose, they swung the long section around to looking from the north, which I had to reverse. Also note the Net SZmelter Return (NSR) for mine blocks which is used to apply value and mining cut-off between the SS23 and PFS. The lowest colour light blue in today's PFS is US$100-150 per block, where as the SS23 was scaled in small increments up to >$200. Both scales obfuscate the real picture investors are looking for... SS23 had the highest colour so low that most everything was coloured hot pink above $200, while the PFS starts so high at <$150 that most everything is below $200 light and dark blue.


Anyway, the shrinking Mine Reserve helps explain the huge push to explore for more, aside from the obvious fact that more ore is always incrementally very valuable. Over 6 months of drilling the hell out of all the possible exploration targets and absolutely nothing released to the market yet... even the most loved up and naive holder can join the dots on what that means.

For more 'colour' on the PFS outcome, look at the recoveries assumed in the mining reserve calculation vs those in the met section vs payabilities for where the metals land. Look at the mining dilution and recovery assumptions. Look at the AISC and note there is no depreciation of capex included. Capex up from $250M to $300M from SS23, and Sustaining Capex up from $70M to $150M (quite some fancy pre-production capex shuffling there)...

For a bankable reality to raise funds that will stand up to financier experts running their knuckles over it, wait for the final MRE and DFS as usual...

GLTAH