Keep in mind this is an initial MRE report, not a scoping study...

Keep in mind this is an initial MRE report, not a scoping study nor PFS or feasibility study. A pit optimisation shell did not need to be included in this stage of reporting and should not serve as ANY indicator to the economics of the project (As a bit of context large exploreres like DEG still have not made any references to economics around a pit shell and have elected to instead show the unconstrained resource model) TSO had a choice to report an unconstrained resource model and chose otherwise.

Was the MRE report rushed for the performance shares? Yes, just look at the errors and mistakes within the report. Did TSO management expect the market would react the way it did by going above and beyond in it's reporting? No, the value they received from pref shares was more than cancelled out by the destruction in share price.

I would highly recommend attending the webcast and asking tough questions.