594 million tonnes at 18.2% maiden jorc, page-16

I don't really care about which timeframe you choose to compare over, except that it's delusional to think that comparing two companies' performance over an arbitrary timeframe will give you an answer that doesn't mean much.

I prefer to look at viability of project, capitalisation and free cash. UCL have not completed anywhere near enough studies to prove their case to me, if I had a lazy $4M lying around waiting for investment, especially if that money were to go into something as illiquid as Union.