just quoting, page-121

Jantimot I believe you are correct - The company commissioned broker report which used bulk test grades of 4.5% in the first 5 years with NCU being 30% of throughput = 1/mt per year expands the theory the plant would need to be upgraded to at least 5.5mt in year 6 otherwise the net profit after tax estimate drops as below

year 6 - $50m
year 7 - $28m
year 8 - $8m
year 9 - loss $8m
year 10 loss $10m

years 1 to 5 Npat $275m to $245m using base case $3 USD per pound over life of mine (10 years )

IMO everything in that report used absolute best case parameters on % grade , throughput, capex costs and total shares on issue. If the JORC grade numbers were used the mine would not have been built - once again IMO.