MGT share price, page-13876

Correct, I do understand this.
So many unknown AISC at this point to be throwing around IRR numbers!
A 37% IRR can not be accurately calculated until a BFS level study has been completed.

Land holder agreements have not been settled
Native title agreements, royalties
Cost of Pipeline and maintaining running of Pipeline
Cost of water no matter weather they pump from sea to mine including desalination plant or cost of water purchased from governments Northern Water Scheme if that goes ahead.

There you have a few things that greatly impact IRR numbers and there are a lot more.

Tim's "ideal world" and reality are 2 very different places. Getting the 2 mixed up could lead to severe financial consequences.