The PFS was announced 01/06/20. So we are using this to value...

The PFS was announced 01/06/20. So we are using this to value ADN on 7/05/21? almost 1 year later???
So we just ignore everything else that has happened since then?

The PFS was based on a LOM of 26 years at GW with a resource of 26mt and 10.4mt -45 microns.

Since then we have Hammerhead resource which is similar to GW in being suibtable for ceramics market but its TWICE the size of GW resource used in the PFS.The GW resource since the PFS has increased over 64%. This new upgraded resource for GW will be used for the DFS numbers but has NOT been used to calculate the NPV in the PFS from 01/06/20.

Here is the snippet from below

So PFS, we had 10.6mt of -45 micron koalin product, since then we have increased our resources by 41.4mt -45 micron, that's almost 400%.
I know the DFS will be on GW only and even that will be much higher than the NPV stated in PFS of $511m.

This is only for ceramics priced at $700 per tonne, then we have



So what would the NPV be on over 100 years of LOM?

No one can tell me that the current price of ADN should be based on a PFS that was released almost 1 year ago when so much has changed since then. I have heard enough, and like Pezz, I will protect my investment with credible FACTS!!!!!!!

This is not a personal attack on you @RoyE