Ann: Positive Maitland River Concept Study , page-8

They need more than a royalty cut to make the project viable, the extra power needed to grind the rock & separate the ore is what kills it.

Apparently the Maitland ore would require about double the power input which is a big whack of the opex.

Having said that, management are hopeful that the location will off-set the extra processing costs. A short slurry pipeline to port is possible, saving huge dollars on trucks & rail access.

So... This is what the PFS will determine and this project might yet be quite valuable but it's fair to say at the moment it's hardly going to bring any punters on board.