Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

It never had a DFS completed, Toho jumped the gun and invested for FID prematurely because they wanted Pb-con to fill a gap in their smelter plan.

The real damage was done when the orebody was re-interped and tonnes/grade heavily fell. Management said it was no big deal, working on "re-optimising the mine plan" to deal with minor changes. Then, after a full year of those with apparent inside knowledge selling down and shorting, they released the new mine update with all the required tweaks to amke a worse orebody work with a committed mill and development... turns out tweaking spreadsheets is no cure for a shrinking, lower grade and more difficult to mine deposit, especially in a cost inflation environment.