Ann: Mt Mulgine Project Pre-Feasibility Study, page-24

Well...my friend, not all things are strictly base on fair value or IRR etc. As mentioned, its a policy play here. If you read the article carefully, 83pc of the global supply is coming from China; if one day, China decided to restrict supply for whatever reason, what do you think will happen to the global tungsten pricing? Furthermore, "tungsten has been experiencing a global resurgence, with the mineral now essential in the manufacturing of weapons, electric vehicles and fighter jets." and “Tungsten is a strategically significant metal and a key input to industries that are vital to national security,”...to me, these two statements are significant. Its way beyond just dollar and cent here for any nation especially to those superpowers...This is policy play, my friend!