The key to the market reaction IMO is the 2021 construction...

The key to the market reaction IMO is the 2021 construction start date, which then brings into play the lower prices in Table 2 and hence the IRR outcome of 20% to 27%. Now, in terms of the PFS they are assuming quite low credits for cobalt/copper/nickel (1% of gross revenue) and I suspect low 99.5% sales if any. 99.5% sales would achieve a premium (roughly $3 to $4 per pound over 98% grade) so suspect the underlying demand/supply model is one of the steel market (which is what I would be expecting in any event for the first 5 years of production). What they plan to do in 2020 is a key, but time is the essence so would have expected a better strategy to market of Offtakes for equity, DFS and the construction to start in 2nd half of 2020). VA needs to fasten the tempo here IMO. . Who they give the options that are not converted to in January will be a key - if they are given to say WinWin or another potential Offtake partner, well that would address some of the uncertainty in the PFS around speed to market if it comes with a binding agreement. At the end of the day the PFS is longer but a lot of the conclusions were very similar to the SS except they reduced the + or - in the PFS to 25% from 35% in the SS. Time for a few VBs and the bottom draw. All IMO.