Ann: Pre-Feasibility Study Update, page-34

imo, because it has taken time to do the PFS which results in the market doubting the feasibility of the project

possibly (speculatively), MR does not actually believe in the project. if this is actually true, then the other SOP projects might also be hopeless & worse

did you notice the KLL PFS? the CAPEX was high

RWD's SS had US$74M (AUD$93M exch 0.80) for processing plant for 400Ktpa

AMN's SS had US$54M (plus US$8M for reagents ; AUD$84M exch 0.75) for processing plant for 370Ktpa

KLL's PFS had Process Plant AUD$117M (US$91M) for 300ktpa or US$0.304M per ktpa

based on KLL's PFS, the RWD and AMN CAPEX looked underestimated

on a pro-rata basis, RWD = US$121m (63% increase) and AMN US$112M (81% increase)