IVZ media thread, page-712

My guess would be the author made a conservative guesstimate based on the ReconAfrica/Namcor (Namibia state owned entity) agreement which is 90/10 in Recon’s favour, with Recon incurring all costs (and risk) of exploration.
Unless Zimbabwe govt were to pay some costs upfront and assume some risk upfront, say to fund a decent chunk of the drilling, it’s difficult to imagine how they’d be able to do a whole lot better than 10 or 20% in light of the Recon arrangement and being so close by. Obviously many different factors at play though.