Ann: Great White Kaolin Project - Definitive Feasibility Study, page-578

@TemptingTrade I hope you read this. This is inline with what I posted yesterday which I note you declined to comment on further when I suggested you reply with factual data. Both Rhino and myself have stated facts referenced from the DFS. Rhino clearly explains in simple terms the drop in IRR. If the decrease was unexplained, you would have a point, adding costs for future revenue (which wasnt factored in) shows ADN are prepared to take an early hit, hence the base case terminology and build up with announcements from here. These announcements will be minus costs (or very little as already factored in) hence the share price will reverse upwards (as will the IRR) based on announcements being near total revenue growth.