You are correct = 20 x 2 is not 473.
They think there is a lot more there, but 473 million tonnes was used for the PFS. Of that amount, they will get 68.5 million tonnes of iron ore.
12.8 million tonnes of material in; 2 million tonnes of iron ore concentrate out.
Yes it is a small operation to begin, but the intent is to ramp up from there once more of the reserve is 'proved'. The next releases will use larger figures of reserve for a longer mine life.
Those figures are conservative, and PFS is not a definitive milestone. The required accuracy I think is around ~50% at this stage.
Ann: Fourth Quarter Activities & Cashflow Reports, page-18
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