Judging by the 7.75 mil figure and 1.25 mil notes their...

Judging by the 7.75 mil figure and 1.25 mil notes their estimating ~ 50% take up or better.
Ferro Tungsten at ~ $35 kilo. Money can be made at this low price but need upper end production and sales which didn't happen quick enough last time.
Depending on average buy in prices but say 4 cents and exercising options a beak even share price might be about 2-2.5c /share.
Similar earnings / share could be achieved at 3 mil kg / year production.

Still viable I think.

IMO etc