Ann: Positive DFS for Platina Scandium Project, page-9

Looks good apart from the payback period slipping from the approx 3.5 years in the PFS to 5.3 years in the DFS despite the lower capex and higher IRR (26% pre tax PFS v 29% post tax DFS). I'm assuming it's something to do with the timing of the capex for stage 2 but it would be nice to see some cash flow modelling to better understand.

The sole focus on Sc2O3 is interesting in that it obviously reduces the plant capex but they lose the credits for Ni &Co so the opex cost inc credits/Kg for the Sc2O3 goes from US$462 PFS (@US$.75 - AU$1.00) to US$634 DFS (@US$.71 - AU$1.00). I wonder if the Ni/Co leftovers could be separated from the tails, concentrated and sent off for reprocessing elsewhere without adding too much cost?

So most of the planning is done, now we need an offtake agreement to get this show on the road!