I tend to agree with you W2, IMHO I think the DFS will be...

I tend to agree with you W2, IMHO I think the DFS will be completed by August given the inputs required to finalise numbers. This article from www.enthalpy.com.au provides an interesting read about what DFS a should include. The Use and Abuse of Feasibility Studies. Here's a snippet....

Feasibility studies are typically undertaken after detailed data gathering of all material information relevant to the project development structured to:

• demonstrate the technical and economic viability of a business opportunity based on the proposed project;
• develop only one project configuration and investment case and define the scope, quality, cost and time of the proposed project;
• demonstrate that the project scope has been fully optimised to ensure the most efficient and productive use of the mineral resource, capital and human resources applied to the project;
• establish the risk profile and the uncertainties associated with this risk profile and develop mitigation strategies to reduce the likelihood of significant changes in the project assessment as set out in the feasibility study;
• plan the implementation phase of the proposed project to provide a baseline for management, control, monitoring and reporting of the project implementation and establish a management plan for the operations phase;
• facilitate the procurement of sufficient funds to develop the project in a timely manner; and
• provide a comprehensive report with supporting appendices that includes a clear recommendation to proceed with the investment or otherwise.

In saying that I think this stock is in for a re-rate as the anticipated milestones leading up to the DFS are announced. That's why I'm in now with a truckload.
Below is an excerpt from an open briefing that PB gave in early Feb 2015 which provides a good summary of the companies looking to get involved with TNG. Make what you will of all this but IMHO once the results of the TIVAN pilot plant is announced the de-risking will attract the big end of town.
..."Make no mistake, this is a very large high value project and we rightly anticipated that some of the world’s top-tier companies would be interested in becoming involved in its development. Of most significance was our vanadium product, and we consequently employed an ex-Noble Group commodity trader, Paul Vollant, who has extensive experience in the strategic metals area, particularly vanadium. We were then able to identify specific companies for potential vanadium off-take and reached agreement with one of the world’s largest ferro-vanadium producers, WOOJIN, which has operations in Korea and China.
Interestingly for TNG, WOOJIN have their own proprietary process for producing ferro-vanadium and
a technology exchange was also agreed whereby TNG could conceptually produce ferrovanadium
alongside its TIVAN® plant. This is still being explored but, if successful, it would add another capability and cash-flow to TNG’s Malaysian operation. WOOJIN also have the advantage of providing 100 per cent of the ferro-vanadium requirements for Hyundai Steel. Initial discussions with Hyundai were very encouraging, leading to an in-principle agreement for their support when we come to a development position. We remain in constant discussion and dialogue with WOOJIN and Hyundai on the project’s progress towards development.

POSCO E&C came to TNG with a terrific proposal to build the mine and refinery in Malaysia. We are
still in negotiation on the details, but it is appealing as POSCO can fund up to 60 per cent of the
capital expenditure for the construction and design work awarded to them, to be repaid later from
cash-flow. This provides some certainty to TNG when we consider sources and the structure of
funding development. Following completion of the Feasibility Study, I expect further
announcements with respect to POSCO E&C.

Our other products, iron oxide and titanium dioxide, also needed “homes”. Because the iron oxide
is of extremely high purity – being 99.9% pure Fe203 – we looked at the major iron ore traders. The
Gunvor Group, based in Switzerland but with a major branch in Singapore, are the world’s largest
traders of Fe203 and bring vast experience in the high-end markets our product could be sold into. It
was very welcome to reach agreement with such a high profile name as Gunvor for our product
and negotiations are now moving to a binding off-take agreement.

Global Pacific Partners, with their huge logistics ability as the world’s largest supplier of soda-ash and
with a Melbourne base, were also a very welcome partner. They see significant synergies with their
customer base and the supply of titanium dioxide and, coupled with their global logistics ability,
bring a welcome third potential partnership to TNG.

I would add that all these companies have expressed the ability to provide pre-production finance which has been included in the current agreements; again, these help to de-risk our production and
development financing, as all of these agreements are bankable."
...And finally, when martis is back with his chart magic you know we're in for a ride!
Let the good times roll
Sparky