Ann: EIA at Grants Extended to 7 Years, page-22

Mate, dilution is part of the game for an explorer. They don't make any income, so the only place that cash can come from is through off takes (too early for us to claim them though) or through capital raising - it is just part of the stage of development that CXO is at. They haven't done a bad job up to this point, 920m odd shares isn't bad for an explorer about to hit construction.

To answer your questions - my view only here:
1. Management have tried to show what the entire potential of the project to date is as best as they can. If they had only considered what they could achieve from open pit, the calculations would be different. Open pit would be more expensive, would generally require backfill, and would have had a shorter mine life, as they have demonstrated that the most cost efficient method of reaching some of the resource is through under-ground mining.
2. Only BP33 and Carlton were subject to the PFS (for underground) and the scoping study. They omitted grants because it is already subject to the DFS, and you cannot compare the results of a DFS and the results of a PFS/Scoping Study.
3. See the point above. PFS figures are not proven, DFS figures are. I think that you are waiting for the update to the DFS. This should include all resources that have been proven along with all other confirmed assumptions (I.e. made fact) made/inferred in the PFS. This should encompass all resources, and should have a consolidated NPV for all proven resources. You may find the clarity you seek is in this document when it is released - hence why most of us are waiting for the DFS. As a few of us have been speculating over the last couple of days, we expect the NPV to be mid 200's, but the DFS will confirm.

The updated DFS will provide the evidence for finance and additional offtakes. It is the next key development in my view - we may see another binding offtake before we see it, but the DFS will prove exactly what we have.

I am not sure if you had been provided some information ahead of the release of the announcement this week - it seems that you may have got some advanced notice of it and either been misled or perhaps mis-understood, but CXO is exactly on track, even if it doesn't align with where you think it should be. Chill out, this company is not yet at the stage of accelerated rises in the SP, but stick around, and you may just experience it.

All in my opinion - make your own call.