Ann: Extension of Non-Renounceable Entitlement Offer Period, page-44

I do feel sorry for existing shareholders here, its been on my watchlist for sometime as thought it was an interesting project but wanted further de-risking, I'm sure there are a lot of reasons to blame management who have dragged this out to get a paycheck.
However, even with poor management sometimes the project just isn't viable.

If you look at the Scoping Study in 2023. Which I think is very misleading.
DRI Concentrate price = $159/t

OPEX of $44 - $90/t.


It doesn't include logistics
Logistics OPEX of $36.61 - $76.01

If you take the higher end estimates of $90 + $76.01 you end up with a $166/t all in costs. Which is higher than the sale price.
This study was meant to be the basis for the PFS, I couldn't find it so it doesn't look like it was released.
Unless I've missed it, if it's not released it tends to sum up that the project isn't currently economical unless something significant changes.