Ann: Makuutu Scoping Study Webinar, page-104

The SS was not received well, because people had really high expectations.
And with those expectations not met they sell.
But it seems, that nobody cares that the restriction to 85Mt sort of cut off the legs of the project, but they still deliver an NPV and IRR (please mind, that NPV is basically an instrument to make an investment decision for those supplying the Capex and not something which should be directly used to derive a proper share price from) which would make this project viable, even when crippled.
The reason to publish the SS are known (eg future mining license, restriction to 85Mt because of some Aussie Rules).
In a few weeks/months we will have more indicated resources and IXR will (i think) release an updated SS.
Those who have an understanding of the numbers as they are now know how much better the economics will be with a larger (indicated) resource