Ann: Tivan- Online Investor Presentation, page-21

Sure, I can definitely help you understand the difference between these types of studies! Here's a brief overview:

1. Pre-Feasibility Study (PFS): A PFS is a preliminary analysis conducted in the early stages of a project to determine its overall viability. It's used to establish whether the project is worth pursuing further, and to identify any potential issues or obstacles that could affect its success. A PFS typically includes a high-level assessment of the project's technical and economic aspects, as well as potential risks and opportunities.

2. Feasibility Study (FS): An FS is a more detailed analysis that builds on the findings of the PFS. It's used to determine the project's technical and economic feasibility, and to provide a more accurate estimate of the project's costs, benefits, and risks. An FS may also include more detailed design and engineering work, as well as a more comprehensive assessment of the project's social and environmental impacts.

3. Definitive Feasibility Study (DFS): A DFS is the final stage of the feasibility analysis process. It's used to confirm the project's technical and economic viability, and to provide a detailed plan for its implementation. A DFS typically includes a comprehensive analysis of the project's costs, benefits, risks, and opportunities, as well as a detailed engineering design and project schedule.

In terms of investment decisions, these studies provide important information for investors to evaluate the potential return on investment, risks, and overall feasibility of a project.

A PFS can help investors identify promising projects, an FS provides more detailed information to support decision-making, and a DFS offers a high level of certainty about a project's viability. By reviewing these studies, investors can make more informed decisions about which projects to invest in.

PFS - they've more than met the intent of what these studies are for
FS Q1 25
DFS Q3 25

Between now & then as TVN has established data reporting mechanisms it goes without saying that updates to the price & import numbers will be important to maintain visibility of as they will feed into both these studies.
Might be worth seeing if the co is able to update this info periodically. But as per Brunod's comment, with metspar 90% at US$800 t & Acidspar US$620 t as of latest numbers from Fastmarkets plus the fact that this is a well established commodity with low variability in pricing over time, I know exactly which way I'd expect it to go.