Ann: DFS Delivers Strong Results on 1st Stage of WBP Development, page-153

Generally you cannot include tax breaks into the NPV until the loss is realised and known - hard to do when nothing has been entered into.

It's in the corporate structure and the mining charter - they do not contribute 100% of the funding (i.e. the recent raise to fund expenses was done entirely by ASX: WWI, not WW MLI or WW SA), and therefore they are not permitted any profits until expenses are all paid. However, they would enter into a constitution when forming West Wits MLI and West Wits SA that they forgo a certain % of the profits in order to not have to put their hands into their pockets to pay their share of expenses. If you look at Lilitha, you can see that they will not be providing financing.

It's very standard in South Africa due to the mining charter requirements and obviously logical - if you contribute 0 capital, you do not get your full share of the profits.