Ann: Thunderbird Construction Over 75% Complete, page-11

I completely agree with @2ic

In other words, this really is a great announcement as it provides quite a lot of certainty that many important variables will come in within expectations and forecast.

The other risk unaddressed in this announcement is production rates and recoveries etc. However as @BaliHai pointed out previously, we should be comforted that SFX was subjected to such rigorous scrutiny by both Yansteel and the many financiers (actual and potential) throughout the project planning stage (mainly due to the project bashing that existed in the market by competitors, who kept pushing the line that the sands were not economic).

This meant that SFX had to go above and beyond in the bulk sampling phase to provide sufficient confidence - actually carrying out a second round of bulk sampling when the design changed prior to the final design, in all cases the sands co-operated.

And don't forget the processing design is now much simpler and standard than initially planned for.

So yes, still commissioning risk, but not as much as one would normally expect.

Hence, given this is actually another great announcement that derisks the outcome in the mind of investors, coupled with the fact that the current market cap highly undervalues the NPV, we can take solace in the fact that we have further proof that there is a market disconnect in place between price and value in the SFX market.

We know this because there NO volume going through this morning when in fact the announcement warrants volume.

At some point this disconnect will reconnect and we'll see a big re-rate in a short period, so stick with it is my thought, and take advantage of opportunities.

may we all do well.