Good summary.
It's uninspiring and I agree with you that the PFS numbers are misleading, particularly as there are still no economics wrapped around Stage 1. If the OPEX for 173ktpa is greater than $600/tonne then I can't see how the project makes any money at all as a small scale operation.
Frankly I'm surprised Volt bothered to present such a wishy washy story with no working capital to execute any of the ideas beyond the next 10 days. They may have removed those stupid elephants from the presentation but it's hard to ignore the elephant in the room, CASH.
Ann: Tanzanian Graphite - Investor Presentation, page-10
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