I think it kind of mentions why in the PFS. They based it off known 'reserve resources'. As they progress through drilling and exploration phases they will start upgrading the resource from inferred and therefore include a larger resource as part of the DFS. I read it as they wanted to detail exactly what is known and proven in the resource to make sure it is financially viable rather than including unknowns and hypothetical. Also the reason why they haven't included NextOre details.
Ann: Positive PFS Results for Razorback Iron Ore Project, page-274
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