I think you might be double counting some costs. The ASIC BKT...

I think you might be double counting some costs. The ASIC BKT used is “All-in Sustaining Cost over first 10 years: Real (including withholding tax)”.

You might also be comparing apples and oranges. Module 1 capex is higher, because it covers things like resettlement and infrastructure, that are one-off costs that subsequent modules will not incur. So for an investor, IMHO, it makes little sense to assess the ROI metrics relative to Module 1 only.

I don’t know how you got the $25M/$26M cashflow you mentioned. Maybe its from year one figures. If so, it doesn’t really matter if its right or wrong, as again, looking at the first years isn’t meaningful in assessing the project's ROI.

The DFS states: “Stable State EBITDA (after year 5) US$M, real = $364”. Now, if they are wrong, it will be because of unanticipated costs, not because they didn’t do their sums correctly.