Not accordingly to the announcement. [ATTACH] Though I wouldn't...

Not accordingly to the announcement.



Though I wouldn't be surprised if that slipped a little. Depends how quickly they can submit the remaining documentation.

Also the 60% ownership discussion was actually a point for increasing beyond 60% ownership. i.e. How much of the remaining 40% can/will be acquired and under what arrangement etc.

I'm beginning to think that the FS is tied into the MLA in some capacity. Theoretically, a 'PFS' could be released but potentially would not satisfy the MLA nor potentially would it likely have the required classification for mineral reserves.

Thus to eliminate the requirement of a re-work i'm wondering if the mineral reserves (proven & probable) is being determined such that the FS can be of DFS/BFS level. This again, i theorise may be the final requirements for the MLA.

Transparently i'm not sure, but irrespective was good to get an update on the timing of the MLA it's approval as well as the study for the refinery.



Also was interesting and somewhat confirmed my thoughts that they are potentially looking even further downstream into alloys/magnets themselves or at least at a JV perspective.

Looks like January will be busy with the MLA finalisation (hopefully that's where the mineral reserves & FS is tied to) and then also the study for the refinery.

Just my thoughts.

SF2TH