this viewpoint is completely backwards imo, the DFS is a much...

this viewpoint is completely backwards imo, the DFS is a much more accurate representation of reality than a SS or PFS.

I get your point about it needing to look good at the DFS stage, but I'm unsure why you think the ADN figures (in isolation of the PFS or previous assumptions) isn't a viable business going forward?

60m revenue whilst ramping up the first 2 years
90m revenue years 3-4
160m revenue years 5-6

with a modest PE for industrial metals the SP fair value with the above revenue in mind could be 26c+ from year 1 up to 70c end of year 6