Ann: Mining Licence Update, page-132

Really depends on outcome, but since AVZ has been locked up, likes of LTR have dropped a further 30%
AVZ won't be immune and many will exit given what's transpired and consider that sovereign risk far more real than they did previously.

Good you have produced some numbers...
The 2020 DFS showed a NPV of US$1028, so at 51% I only get US525m

Regardless, you seem to be expecting the updated DFS to uplift 5x min...but project costs blowing out to US$1B.
But I have seen many recent disappointments not factoring in price rises/delays, vs just commodity price rises.

AVZ has already approx. 3.5B shares to factor SP.