Agreed, the response from the market was a bit disappointing...

Agreed, the response from the market was a bit disappointing given the implications of this news, but as @benwex2 said, a lot of this information is known.

So how does this announcement translate to share price appreciation?

It needs to be contextualised into how much LESS we need to spend to build from development and during production.

An operation that will be able to only crush ore to 2mm and not "crush and grind" down to less 75 microns (like Vale) or lower than 45 microns (like LKAB) as per the recent presentation - see https://hotcopper.com.au/threads/ann-company-presentation-for-webinar.6132470/ (slide 20)

I personally have no idea what the actual numbers are, but my initial thoughts this morning when I read the announcement was:
- Less equipment
- Less people
- Less power required
- Faster processing
- Less CAPEX for equipment
- Less money to be raised
- Less shares issues
- Less dilution
- Better SS, PFS and DFS/BFS
- Easier to fund a lesser amount (theoretically)
- Higher margins
- MORE HAPPIER HOLDERS

My simple grasp of math tells me if you reduce all of the bad things and you increase all of the good things, then that is a very good thing.

Of course I am no expert, all the usual disclaimers apply and you should do your own research, blah blah blah.

But that's what this announcement said to me.

I think management didn't do a very good job of communicating the the tangibles, but at the same time, these guys are miners, not spin doctors, and if that means we don't get an SP increase now, it means we will get them later if we are willing to be patient.

I don't want to get ahead of myself here, but I just can't help but get excited by the prospects on this one.