Ann: Initial Metallurgical Work Confirm Colossus True IAC Project, page-13

Interesting read, my thoughts are:

The Good
right geology obviously in the Poços de Caldas alkaline intrusive complex made famous by MEI
grades are good without being great, but given shallow nature and depth potential too early to mean much
expect similar met recoveries as MEI in similar geology.... second mover advantage

The Suspicious
only a few and very shallow historic holes, makes me wonder why vendors would not drill a bit deeper given the Japanese did elsewhere early days and it's so easy to add a rod or two onto motorised hand auger.
VMM surface grab samples very sparse and only a few sent for leach recovery testing (high-grade selective sample submission backed by handXRF).
not all of MEI projects have good grades at depth in clays... how much reconnaissance did the Japanese do, how old are these VMM vendor leases?

The Bad
smallish tenements and/or located close to major towns which may be problematic. Strip mining not what you8 call community desirable or environmentally acceptable in remnant vegetation, even in Brazil probably.
low margin per acre for ICD's using western style environmentally considerate processing, tails treatment and rehab verses Chinese style in-situ leaching. Not sure if heap leach or vat leach will be required in Brazil, or what the costs will be, so despite good geology and lower than hard rock cost to MREC product how much landowner, community, rehab, federal and state compensation can each acre of ore carry (thicker clay ore zone becomes proportionally more economic for this reason... depth extensions very important ob's)
Vendors in for 4.75% royalty in addition to federal and state royalty/taxes... all adds up when the final study is completed, and equity-risk investors worry about what's left for them...

All up, certainly in with a chance and the right place to buuild a lnad position if possible, on reasonable terms.

GLTAH