Ann: Mines and Money Conference Presentation, page-28

table 5 in the expansion announcement and the note in the presentations says "The 62% Fe iron ore price at which the NPV-8 of post-construction net cash flows equals zero, calculated at the commencement of Stage 3 production"

I missed that, didnt look critically enough, and it is kind of logically OK but pretty unusual in my view. I think you are right, they have excluded the initial capital in the $53/t ($78 revenue) but it still gives an IRR of 8%, so OPEX is still a bit lower than $78, aligning probably with the $70+ it makes more sense.

However a point I have made before is why is the actual OPEX not stated more clearly. Most other companies do it.

I am checking out of MGT now and I look for to MGT informing shareholders clearly what the all in costs of OPEX are and how they are broken down.

Good luck with the numbers Baz.