Ann: High Grade Copper Gold Assays Extend Nugent Mineralisation, page-39

"AIC is not a measure of profitability during the ramp up stage of mining.

Contrary to your belief it includes capital expenditure to increase production."

They spent 9.3M on plant and equip last quarter , add that capital expenditure and they would have made a loss for the quarter using your assumption .
So not as black and white as your assumption that AIC includes CAPEX , may have included some CAPEX that is not recorded on the 4c but without an amortization schedule of the time frame CAPEX is paid off , but hard to make assumptions like you have .

Bit of a red herring anyway as my contention is that the cut off grade may be too low at current POC , based more on C1 costs , which I should have prefaced so my mistake .

Well worth following this though as my good friend Wassa , is also in it and he is a fountain of knowledge .