Ann: Optimisation Transforms Razorback Iron Ore Project, page-32

In the interests of not sounding biased, I believe that managements handling of the consolidation was horrific and should have been buffered by these announcements rather than radio silence for 3-6 months...

However, you are incorrect about the 2021 announcement. That was an updated PFS where the intent was to reevaluate the original ROY studies as they were on the basis of a high CAPEX, high output operation that was effectively a pipe dream for a junior in a saturated market (iron ore) where magnetite has been the most expensive ore body to process. Additionally, ROY did not have the benefit of the magnetic sorting technology that has been proven to reduce OPEX on an iron ore body (magnetite) that has historically been incredibly expensive to mine. Due to the considerable differences between the approach of the ROY studies compared to MGT, they've had to considerably revise all historic studies done to prove viability.