There are too many unknowns to have any idea. Things that are...

There are too many unknowns to have any idea. Things that are unknown:

The reason to move from open pit ->underground to open pit ->underground ->open pit
The expected opex from open pit phase 1
The capex of underground
The capex of Open pit phase 2
The status and cost of water ingress wall 1
The status and cost of water ingress wall 2
Why $80m AUD was cut off the first 4 years of revenue from the offtake contracts
The cost of the renewable electricity plant
If/What issues the commissioning of the plant will have and the impact
If concentrate grade doesn't meet expectations what are the penalties
If concentrate impurities don't meet expectations what are the penalties
How much more patience will the billionaires have with constantly throwing millions at it if issues occur with production
Exploration drill results
What the deferred open cut equipment is and when its required. Phase 1 or 2.
What is the deferred sustaining CAPEX and when is it required
What is the Other Deferred CAPEX and when is it required
How is the filling of employee positions going
The AUD/USD rate
The change of the price of tungsten
Western governments assistance to critical metals to lock in / increase supply
Future tungsten demand from new tech like its use in lithium batteries.
Other tungsten supply increase/decreases
Interest rate changes
Broad future economic issues.

I am sure the list could be a lot longer. For what its worth I am not buying G6M at the current price in it's current situation. Especially not with the other tungsten plays out there.