Ann: Vector Execute Key Documents for Adidi-Kanga Acquisition, page-74

If you are going to compare the full cost of this project by production, then you should be compared to the project stage 'production' and calculating the output of the mine, and then start to venture a guess at volume of production, prices, earnings, etc. - if you are going to value it at full price then do it properly, IMO, comparing the highest figure you possibly could to the lowest possible project valuation is misleading and it's why you got the response you did.

I think I see what you tried to do (let's assume you are genuinely trying to address this) but you have not gone about it in the right way. If Adidi-Kanga is producing, the $90m spend to get it there will seem like a bargain lol.

P.S. I haven't really checked any of these figures you mention but just providing this assessment as the fundamental assumption of your post is wrong.

"even at the development stage vec is paying too much - and they are paying for the bankable feasibility!"

You came here asking questions but have made a very bold statement, doesn't seem very objective if you ask me. VEC is paying (cash or shares, doesn't matter) to acquire a percentage of a project if they weren't paying for "the bankable feasibility" and that was left to others, then the price of the project would go up or our stake would go down, so I don't really see why you are calling this out as if it is some sort of new term struck in a deal in the mining industry - it's not.

All IMO, if you want to have a go at comparing apples to apples (cost to getting to production vs production value), instead of apples to bananas (cost of getting to production vs. exploration value) then I'm all ears