Ann: Positive Scoping Study Completed on Opuwo Cobalt Project, page-398

"Investors were promised a scoping study a scoping study when done properly includs capex and opex numbers, there was nothing out of line with CLA investors expecting to see those numbers."

https://www.sgs.com/en/mining/exploration-services/scoping-studies-and-flowsheet-development/scoping-studies

https://www.cpcengineering.com.au/project-design/studies/

You got the Feasibility Studies (PFS/BFS/DFS) confused with the Scoping Study. A Scoping Study in mining is never required to have CAPEX nor OPEX estimates, although some companies can include it. Check those links I gave as reference. They are engineering companies describing their Scoping Study activities, and none of them mention the need to show Capex and Opex, not even estimations.

It makes sense because any number given in an SS would be so inaccurate, it would have almost no value (except to calm the cowardly investor's nerves). This is simply because the proper study to produce those numbers (ie. Feasibility Study) has not yet been done.... how the hell can you expect to have real numbers??!

You want OPEX? How are is the company going to Operate? Do you know which flow-sheet going to be used? Don't know yet? Then how the heck are you going to give an OPEX  (Operating Expenditure) estimate?

You want CAPEX? Again, what flow-sheet are we going to use? Type of mine?? Don't know? Then, tell me how you can give a worthwhile CAPEX estimate?

See how dumb it is to be demanding CAPEX OPEX numbers in an SS? You're literally asking to be lied to!

I personally think CLA is being punished for not showing the estimates simply because the stupid market has lost all sense of courage or optimism after an entire month of bad losses on sharemarkets.