Ann: Positive Pre-Feasibility Study, page-23

Well done wenty. My thoughts exactly. After reading the report again the cost side assumptions seemed to be fair. My concern was exactly as others have pointed out. Is the 5% grade pricing realistic and what are they actually going for? A bit of uncertainty here.
This was a PFS for Grants with a few IFs thrown in about BP33 and other pretty much untested pegs showing promise.
As it stands Grants alone does not seem capable of justifying the extra Capex to get to 6%.

As we find out more about BP33, Sandras, Far West, Carlton and Ah Hoy then the DFS focus will change in my view.
If we can add decent tonnage and the target of 10Mt that has been set by management can be achieved. Then the NPV at this size of resource will probably justify the flotation capex from what I can see.

So worst case is DSO at $52m just for Grants. We are still going to be valued at this until we can put some more meat on the bones. CXO is still derisked for me, especially at this price.

Big upside here. Eventually......