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The study pointed to Beharra's initial capex being $39 million and its post-tax net present value being $231 million.
It also "clearly demonstrates that the Beharra end product is suitable for sale into the Asia Pacific glass and foundry sand industries".
The project would have a bameplate production capacity of 1.5 million tonnes per annum produced from a run of mine production of 2Mtpa.
The 32 year project is expected to generate total free cashflow of $1.1 billion.
Perpetual believes there's "scope to reduce operating and capital costs at feasibility study (or other subsequent) stage which would materially improve financial and return metrics for Beharra".
Perpetual raised $2 million last month from a German institution that paid 8c per new share.
Shares in Perpetual were down 7.5% to 8.6c in early afternoon trade, capitalising the company at $41 million.
