The Avalon PFS does not apply to VML - read https://www.avalonadvancedmaterials.com/nechalacho/.
The Avalon PFS relates to the Basal Zone at Nechalacho, ownership of which remains with Avalon. Avalon sold Cheetah the North-T and Tardiff zones, for which a PFS has not yet been conducted afaik.
Nechalacho project financials?, page-18
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