Completely disagree on the point on PFS and DFS not being...

Completely disagree on the point on PFS and DFS not being meaningful at this stage. IND has a current market cap of 14.4m, likely requiring a similar amount of ~$66m to construct a mine. How do you see project funding coming about without any details into feasibility? When the current inferred resource doesn't even pay off the CAPEX?

As mentioned - prices are Free On Board (FOB) where buyer pays shipping. VRX may be responsible for transport to the port but that won't exceed the profit margin of AU$26-33 per tonne.

A quick search shows transport costs for road are about 9 cents/net tonne kilometre, rail 4 cents and sea 3 cents. See link attached. https://www.bitre.gov.au/sites/default/files/is_090.pdf

Arrowsmith North is ~106km to the Geraldton port - so even via trucking it would cost circa AU$9.54 per tonne, still leaving a profit of ~AU$16-33 per tonne. VRX have also stated that they plan to use rail transport, which would cost closer to AU$4.24, still leaving a profit of ~AU$22-29 per tonne.

Once again - the margins for Arrowsmith are feasible.
Change these numbers to include the extra ~55km transport cost from Stockyard to Geraldton, required beneficiation process costs and unproven resource - and you have your answer as to why IND don't have a PFS and have not been able to fund construction of their mine.

The more we compare VRX to other silica hopefuls - the more confident I feel.
DYOR