The apparent lack of a feasibility study may suggest that SJ is...

The apparent lack of a feasibility study may suggest that SJ is not economic.

I can only see two possibilities for SJ:

[1] there is no feasibility study - published or unpublished

[2] an unpublished FS exists

In case [1] it seems unlikely that there is actually a mining plan; in this case AVQ statements about proceeding would likely lack credibility.

In case [2]:

(i) the PFS suggests a mine is an economic proposition.

or

(ii) the PFS suggests a mine is not an economic proposition.

Regardless of the actual situation, without information on feasibility, IMO a wise investor will plump for case [1], and give low credibility to company statements about progress.

What is required is proof of progress.