EMH's CEO may as well get a tattoo of "DFS - Imminent" across his chest, I've attached a design for his consideration...
I do not know how many years of his life he has spent convincing different groups of people that DFS is going to be produced. Magnus Opus of KC ;-) hopefully not post mortem!
With number of steps backwards that the DFS is taking (materials handling studies, regrind and flotation process changes instead of endorsed process, new factory location, new kiln designs and feed and transportation) my guess is that now the DFS will be produced by the end of 2026 beginning of 2027.
I was in the 'end of 2025' camp before but have shifted my goalposts when EMH jovially informed us today that they need to undertake additional studies just to start the process of restarting DFS (meaning that all this time since May DRA has not been finalising anything, they have been put on pause).
Shareholders were now told that the timelines will be available after geotech studies are done in September, meaning that the reports from the interpretation of geotech data will be produced and endorsed for issue in October, and in November EMH will pass that to DRA who will then inform EMH that they will commence the finalisation process in March 2025 and that it will take them 12 months to redo the study for delivery in April 2026.
Then knowing how the world works, DRA will encounter delays due to xyz, and the timeline for delivery will swiftly shift into the Q3-Q4 of 2026.
It is just amazing that at this late stage in the project planning progress every basic part of the project that is supposed to be 'locked in' is all of a sudden up for negotiation! Like what the actual f.
This is not how you deliver projects, this is how you extend project timeline into the infinity and beyond.
(20min delay)