They should have taken both processing routes into the PFS. The fact that they continued to promote that L-Max was better halfway through the PFS yet came out with a worse result is a failure of management. They should have released both processing routes in the PFS.
The two lines of babble in the PFS was insufficient to explain it. Management have a credibility problem and a communication problem. Though some of their credibility issues stem from their communication.
I also feel that promoting the scoping study at $233M a year less than 2 weeks before releasing the PFS is a failure of their duty for continuous disclosure. There is no way that they did not know that they were about to announce $135M a year whilst continuing to promote $233M a year. Again a lack of trust in management arises from this sort of thing.
EMH Price at posting:
76.0¢ Sentiment: Hold Disclosure: Held
(20min delay)