If you want some evidence to my earlier post...
On 30 January 2013 Royal Resources (the old MGT, for newbies) released their PFS. It disappointed the market and the share price continued its slide (it went from around 17.5c in 2012 down to sub 3c in 2013). They immediately started work on an optimization study which was effectively a time-filler. That was released on 8 April 2013, you can find it here: 8 April - Razorback Resource Upgrade (asx.com.au)
Then read the first page of the 2013 annual report, the directors talk about conserving cash for the company's "continuing existence": Cover page.pdf (magnetitemines.com). In other words, they wanted to keep it alive so shareholders continued to pay their salaries.
Does any of that sound familiar...?
Ann: Razorback Project Optimisation Studies, page-36
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