RE: For those that didn't have access to Qand A of the Investor Meet16 Apr 2026 19:58
How long would it take to construct a new mine and related processing equipment. What would be the timeline to first commercial production. How much would this be shortened with a processing agreement with Tungsten West?
I think we can't give any formal guidance, but we could give you a feel of, the next work programmes, and how long it might take to get into production. Dennis, maybe you could, comment. So the, significant contributor to the pre-feasibility study is the, is the infill drilling programme that we have fully funded already. So that is, currently in set up. We have a drill rig on site. We, we aim to be drilling very soon. And we are currently undertaking a planning application with Cornwall Council, which will be able to scale up this programme. So last year we had two drill rigs on site. We, we are looking at ways of scaling up the programme beyond this. That is the major part of the programme. Last year we drilled 5000 metres, that means CRL have drilled 19,000 metres in total. The funding we announced in January was for 16,000 metres, and we are again looking at ways, given the positive results that we've, we have announced today, to not only capture the infill, but potentially more. And we, and I will release and through the company, further updates on the drilling programme. Over the last 12 months as part of the programme to get to an MRE and a, and the, and the economic case, we've also done a gap analysis between scoping study and PFS, which has delivered a, delivery plan, for costings and options for that costings, and we are well advanced on. Being able to move very quickly into the PFS. However, not only is that the case, but the meta virtual test works that we've done, the infill drilling, and, but also the, testing of short space continuity has meant that we have sped up significantly some of the key things that we have to deliver as part of the PFS. We're about 6 months ahead of schedule, therefore, on, the metallurgical test works that would be required for a feasibility study, because we did them this year. The, the drilling that has proved short space continuity has been able to expand our drill spacing for PFS infill drilling, which means we can cover a larger portion of the resource for the same value that it would have been under the 2020 scoping studies estimates of, infill drilling, which means we can do things either cheaply, more cheaper, or faster, and in all cases, better. We therefore hope to be able to deliver the PFS at pace, and we will also look at options to, commence certain portions of the DFS work streams, as early as possible.
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