Ann: Scoping Study Reveals Exceptional Economics-Ngami Cu Project, page-28

The ASX emphasises the importance of reasonable grounds when reporting production targets or forecast financial information, particularly when relying on estimates like Inferred Mineral Resources or merely Exploration Targets. There is no definitive rule that JORC must be used. Read ASX materials on this point. This announcement is littered with disclaimers that further work is required to JORC the project but it designed to show shareholders the significant advantages in capex and opex for an ISL project like this (see IRR rates - completely blows traditional open put mining out of the water) - I would also note that the assumptions are really conservative (but for maybe the copper price which seems reasonable). You can pick apart the Scoping Study in all its glory on their website.