1) I suspect JR recognized this PR would not be seen as positive by the investment community - thus they released it the day before the long weekend. If they thought this would be bullish for the stock, I suspect they would've released it on Monday or Tuesday, or waited until Tuesday of next week when people are back and paying closer attention to market news.
2) Quote from JR's Pre-PDAC event presentation given on either Feb 28 or March 1:
"Feasibility is out shortly. We were hoping to have it out now, but we've come across some incredible opportunities to go even bigger and more profitable, so we're going to need a few more weeks - we'll have it out very shortly..."
Todays' PR:
"We believe we have identified an opportunity to further optimize the Troilus Project and that it is in the interests of all stakeholders to apply these new results to our existing body of work for the Feasibility Study......the Feasibility Study is now expected to be released in May 2024."
Not wise to tell the investment community at the end of February that you'll only need a few more weeks to flesh out some "inredible opportunities", then come out with a PR four weeks later stating you've "identified an opportunity" but are going to need at least another four weeks before producing the promised FS. Overpromising and underdelivering at the FS stage does not bode well for post-FS financing / contracting / permitting / breaking ground timeframes.
3) Those who think the FS will send the shares rocketing upward when it's released (even if it presents a very attractive market cap to NPV ratio) may be disappointed. If no JV or other financing agreement(s) are announced simultaneously, the initial capex number may give investors pause. Remember, the FS just provides estimates, not guarantees, so confidence in management is key. If a JV agreement is announced in conjuction with the release of the FS, the terms of that agreement will likely play a large role in the investment community's assessment of what a share of TLG is worth at the time the JV information is made available and thus how much more money TLG will have to come up with to fulfill their portion of the initial capex.