Agree comments made so far - Studies must be made on actual...

Agree comments made so far - Studies must be made on actual evidence, investments must be made of our own assessments of the WHOLE picture.

So at first blush, I would to tentatively add the following. But I have not read and reread the full study for details yet.

1. For critical metals with a short lead time to production Government assistance with capital is very likely. I recall from memory Fed Gov put up over a billion for Iluka mineral sands processing in WA.

2. Further CAPEX relief comes from leasing mobile equipment. Adds to OPEX of course - and therefore IMO the OPEX calculations are critical to the study.

3. Life of mine of only 4 years would kill the project - but we know the Resource estimate is only over ~2 to 4 % of the total leased area.
Extending that LOM out to 100 years, or taking a multiple of the annual tonnes changes the situation completely.
In that respect production can be doubled by simply adding another production line opperating in parallel.

Therefore IMO the Study in its current form is not applicable for investment decisions - but provides a vital base case for all of us to build on.

I'm distracted at present by moving money around the near term antimony producers - so I will delay a full review of OPEX for the time being.