No economic data provided.
Sure, they're pulling out the "ASX and ASIC policy" line that I've seen other juniors do, but I feel like that's an excuse. If you think I'm downramping, go read the November 2016 ASX guidance on Scoping Studies. Here's an excerpt:
Clause 38 of the JORC code defines a ‘scoping study’ as:… an order of magnitude technical and economic study of the potential viability of Mineral Resources. It includes appropriate assessments of realistically assumed Modifying Factors together with any other relevant operational factors that are necessary to demonstrate at the time of reporting that progress to a Pre-Feasibility Study can be reasonably justified. …Scoping Studies are commonly the first economic evaluation of a project undertaken and may be based on a combination of directly gathered project data together with assumptions borrowed from similar deposits or operations to the case envisaged. They are also commonly used internally by companies for comparative and planning purposes.
I've seen other scoping studies where figures are provided, with all the necessary disclaimers (though they're sometimes called PEA's). Taking the rose-tinted glasses off, you have to wonder after an entire year of work that they can't provide even some very, very basic indicated figures. I'm sure this will pump because it's a retail favourite, but so far nothing jumps out at me, except for the good news that TE aren't walking away.
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