Ann: PIOP Feasibility Study Update - Shortfall Advance, page-19

Ummm, unfortunately until a Feasibility study is completed a more meaningful valuation for PIOP cannot be recorded and certainly an Auditor () would not be suggesting such changes!!
Of course FMS could commission a valuation of PIOP based on known proven reserves and current prices however that would appear a waste of money with a still long lead time and continuing uncertainty about a way forward which would necessitate heavy discounting on assumptions. The Ore in the ground is only one part of the equation.
Valuations were addressed in the IER including an NPV of FMS 40% share of PIOP at FID however they noted their NPV's were indicative only and actual values would depend on a range of factors at the time that the PIOP was development ready!! (Robust current IO price may change which end of the range they use however they still need to consider a more longer term average)
I know many on here believe a BFS has been completed however the reality is FMS do not hold an industry standard study confirming feasibility and values which can be used for finance / capital purposes.
As I have said many times, the BFS has been a noose around our neck for years......................