Ann: Quarterly Activities Report - 30 June 2015, page-10

"A $6m cashflow operating loss for the quarter. And a mere $1.06M cashflow profit for the 12 months."
Not for Tomingley. Reread the report, first page:

"Cash flow for the quarter after site operating expenses and development expenditure was​

... positive $23.7M for the 2015 financial year". That profit was then spent, as planned, on the DZP.
What held us back this quarter was basically the start up cost for the new (third) pit. No reason for a writedown whatsoever, especially since "Ore reconciliations remain positive for the Wyoming Three pit year to date. In the Caloma pit the reconciliation has improved from the preceding quarter as the mine continues further into the fresh rock."

While I would liked to have seen a BFS by now, I guess it makes sense to wait a little longer if it allows us to include more detailed hafnium numbers (which imO requires the model plant to run for a month, at least).

There were quite a bit of really positive news hidden in the quarterly that might be understood only at second reading. That's especially true for the remarks on zircon. It looks like we have made serious progress there and should be able to underbid Chinese producers through a wide range of products. Improved purity will increase the price we can demand, and together with the hafnium circuit, might it make possibleto supply zircon metal producers or even to produce zircon metal ourselves in the (mid term) future .