What am I missing?Firstly the updated mining plan is based on...

What am I missing?
Firstly the updated mining plan is based on resources as of September 2022. It does not include the results of drilling at Savannah. It is likely only part of what amounts to a work in progress.
Secondly the after tax NPV for the base case is $693 million or 33.8 cents per share.
It looks as if the after tax numbers takes into account the $200 million tax losses from prior years.
Thirdly the name plate capacity is $960 million tonne flat . There is no discussion of increasing the name plate capacity and bringing production forward to increase NPV.
The risk is the company will be subject to a takeover bid before the work is done to establish its full value.