" even though there is a plant and permits capable of producing...

" even though there is a plant and permits capable of producing a good enough income to value the shares at 20c with no more capex than to buy a loader, which could be hired."

1. What's there is a tailings retreatment operation that failed to perform. It produced nothing but losses.

2. There were no revenues from tungsten sales during the first and second quarter of this year.

3. A "plant" worth mentioning would cost them $15M-$70M (depending on throughput and who you are talking to, the numbers keep changing all the time) and as long as CNQ doesn't get this money, there will be no production from stockpiles or fresh rock.

4. CNQ does not have the permits to produce from fresh rock.

Any investor in tungsten can chosse from a list of at least 20 projects. Todd's experts had a close look at the list and they picked Hemerdon and Sisson. You bet that's for a reason. You can see the results here: http://wolfminerals.co.uk/investor-relations/video-coverage/live-stream That's a decent "plant" and it costs roughly $150M.