first iron nuggets, page-11

The Bankable Feasibility Study basically determines whether the project is financially viable in order to help get outside financing.

From previous announcements, I think they are seeking a JV partner to contribute 50% of the start up costs, however the start up costs are set to be $800 million+, so FWL are still going to have to somehow raise $400 million or thereabouts through further JV's/off take agreements or other arrangements which will be a tough ask.

At 1MTpa, they estimate operating costs of about $250/t MPI with a sale price of around $400/t. This equates to around $150 million profit per year. They have enough resource for decades of production so it will be a pretty profitable project if they can get it to production(I hope my figures are correct)

It is definitely a longer term investment, due to the total reliance on outside funding, progress will certainly be slow for the time being.