More like the numbers in a PFS are NOT TO BE RELIED upon ......

More like the numbers in a PFS are NOT TO BE RELIED upon ... they do give you a confidence range in the study.

Likewise you have to make some of your own determinations on the DFS as well.

You can make any NPV show an IRR of whatever you want .... if you understand the math. Neil's positioned it with the caveat of "low" LoM price for SC, low Opex due to mineralogy and conservative production rate ... all "confidence boosters" (and all true).

NH's error IMO was overconfidence. That's the fine line mgmt needs to, well manage. I would not invest in a stock if mgmt was out there saying ... well if we get lucky and this that and the other thing goes our way it might work. Get Serious. Invest in Tech and that will tell you the story behind the story. Lots of "air" behind the ideas. NH set the expectation (I'd even say repeatedly) and for that he and the company get sent to the naughty corner.

The project is now at a DFS stage - definitely feasible" to be economic given the assumptions within the study. That's a "pump" is it? Understand the document. For example, when Capex is ESTIMATED as $185M +/- 15% by Primero ... what should you do??? Rhetorial, but a seasoned investor would first of all get into his head that 1.15 x $187M = ~$213M as Capex (esp so given inflationary environment). Now you might also be inclined to then look at say the NPV sensitivity analysis and see that Capex (which A11 controls) is the least sensitive factor to NPV whereas Lithium Price (which A11 does not control) is most sensitive.

A lexicon limited to "pump and dump" is about as useful as an ashtray on a motorbike.