just quoting, page-131

"The company has advised that it is looking into the feasibility of increasing production to beyond the 3 million tonnes per annum to between 6 and 15 million tonnes per annum."

Again, they never completed the feasibility studies into the 3mt per annum operation. If they had completed them they would have released the results to the market but instead they just went ahead and built a mine. Given this, why should anyone believe that they will complete studies into 6mt to 15mt operations? Isnt it a waste of money to start such studies but not finish them?

"The company commissioned broker report which used bulk test grades of 4.5% in the first 5 years with NCU being 30% of throughput = 1/mt per year expands the theory the plant would need to be upgraded to at least 5.5mt in year 6 otherwise the net profit after tax estimate drops as below

year 6 - $50m
year 7 - $28m
year 8 - $8m
year 9 - loss $8m
year 10 loss $10m

years 1 to 5 Npat $275m to $245m using base case $3 USD per pound over life of mine (10 years )

IMO everything in that report used absolute best case parameters on % grade , throughput, capex costs and total shares on issue. If the JORC grade numbers were used the mine would not have been built - once again IMO."

If accurate, does this explain why the feasibility studies werent completed and released to the market?