Ann: Specialty Metals Project PFS update, page-30

There is significant flaw in your logic. The irony is you ended that post by saying you can't make this stuff up... Yet you've done a pretty good job of doing exactly that.

KRR reports costs on a per tonne basis given multi-metal production, it's too difficult to attribute opex amongst each individual metal on per pound basis.

Take a look at TNG's DFS as an example, who have reported $185/tn total operating costs (inclusive of BOOT payments). Applying your logic (flawed) divide that by 2,200 then divide by their head grade = $29.00/lb operating cost? Keep in mind they used US$10.00/lb V2O5 and still boast a pre-tax project NPV(10%) of AU$3.8b?

Also just to confirm from my earlier post. The production capacity of this proposed circuit seems to be indeed 1,600,000 t/yr in comparison to AVL 900,000 t/yr so KRR plant is 80% larger.