I wondered why payback phase 1 is "< 4 years once operational",...

I wondered why payback phase 1 is "< 4 years once operational", while "table 19.9 Results of economic analysisLife of Mine Cashflow" on page 73" says "payback 10.5 years".

I think the answer is, these 10.5 years are likely the time until cumulative cash flow turns positive (approx. year 2034, use right scale in figure below), but is measured from starting point year 2024.
But due to the phased approach, investments for phase 2 & 3 do not happen in 2024, but years later, so "payback 10.5 years" is just the combined payback length of 3 different investments, but payback time for each phase shorter, if counted separately.