"PFS targeted for completion in second half 2025"... I hope to god this is FY2025 and not CY2025! I just completed a PFS for many multiples of this throughput within about 4 months and that was one with negative 40 degrees C where we had to place all equipment within buildings and have HVAC throughout. A PFS as simple as this this should not take longer than 6 months if any decent engineering company was asked to complete it. So early CY2025 should be the target completion time.
Clarification on this in the next announcement is a must because if the PFS is only completed beyond July 2025, they still then need to complete the FEED which will take 12 months before construction starts. That's assuming they skip the DFS (often not required, like what BCN did 5 years ago, albeit with a much smaller processing plant) which can take another 6-9 months.
Either way, management need to get a move on, shareholders need to start seeing returns for their faith put into this company.
Project metrics do sounds very positive though, especially considering we might be able to incorporate the additional 40,881t contained tin from the inferred resource in future. An NPV of $190M is many multiples of the current market cap. Obviously funding for the project might dilute the share price, but it's a pretty decent buy at these levels imo.
SRZ Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
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