It's not a PFS

AMN doesn't actually have a PFS as far as I can see

- AACE Class 4 is used for pre-feasibility studies but if you look at Table 1 of '47R-11: Cost Estimate Classification System" it states the Maturity Level is the "sole determining characteristic of Class". The table shows Class 4 is 1% to 15% complete and typically used for screening (just above conceptual).

- A PFS must use reserves as stated in the JORC. AMN's PFS highlights multiple times in bold in the tables at the end that no reserves have been stated. So this is not a PFS!

- A mining lease requires a JORC resource as stipulated under s74 of the Mining Act. Foreign codes are not acceptable, i.e. AACE Class 4

- The Competent Person Statement states a key risk is the conversion from resource to reserve, which AMN hasn't done in this PFS. Then goes on to discuss the mineral resource, sampling etc.

- The Competent Person Statement does not include anything to do with financial feasibility of the project. Advisian prepared the study but where is their technical report outlining the methodology of how they came to their conclusions?

- Cautionary Statement - The Pre-Feasibility Study results, production target and forecast financial information referred to in this ASX Release are supported by the Pre-Feasibility Study mine plan which is based on the extraction of Mineral Resources that are classified as Indicated. There is no certainty that further exploration work and economic assessment will result in the eventual conversion of Mineral Resources to Ore Reserves or that the production target itself will be realised. So how did they prepare a PFS based on JORC without reserves, where's the supported mine plan, and can they ever obtain a mining lease or PFS when they can't confirm reserves at this stage?

- AMN wrote the forward looking statement (Table 16) which outlines Advisian's mine plan? Where's Advisian's mine plan - I WANNA SEE IT - their copy of it, with their logo, and their signature at the bottom!!!!

Summary: Competent Person only discusses the resource, no reserves were converted from the resource but they released a PFS anyway, the AACE estimate is a scoping study and worthless, and the mine plan prepared by Advisian (the Worley Parsons division) has not been attached.......

It's hard to understand how ASIC has not sent them a please explain...