Yes there are tax benefits if you produce and distribute 100% of...

Yes there are tax benefits if you produce and distribute 100% of product, in Malaysia. But you aren't are you? if it's not all distributed in Malaysia there's import and export duties/taxes who are paying those to get the HPA to Japan as per the agreement?

The ATC BFS came in at 77.8 million and yet the FIDS came in at 298 million nearly 4x higher. How can you have any confidence in what ATC say they are going to do with such a large discrepancy?

My understanding is ATC did their initially numbers (BFS) internally and then the second numbers with a consultant. Very misleading in the early stages.
Our DFS came within 5% on CAPEX and OPEX improved.

What about a pilot plant for ATC? you've received sample numbers from a 3rd party here and there but not exactly transparent.

According to your announcements it's going to take 5 years for ATC to get to full production and that is only just over half that of FYI's.

Compare that to FYI. We have engaged a third party to verify our PFS and now DFS from start to finish.

FYI built a pilot plant and the learnings from this has been priceless. It has helped refine our flow sheet, provide vital info to get exact specifications on equipment required and therefore accurate costings and is currently helping with our funding discussions. All of this will make it much easier for the pieces to fall into place. We had all of the key groups and potential customers visit to see the pilot plant and show them what we can do first hand.

Again, the tax reason doesn't stand up and the only other thing you can say is costs might go higher for FYI. FYI have taken the time right throughout to ensure the numbers we announce to market are accurate.

I believe ATC have somewhat rushed the process and are becoming unstuck as a result.