bulk test results a massive 140% above jorc %, page-9

But what arrangement did they get with the off-take, what price will they pay? If they get, for example, a 10% discount, and there is $300m revenue per year, then they can earn back the premium they paid (about $20m?) in a year. From then on they would be free carried 6-10% off the top line (i.e. before any costs are deducted) for life of the mine. That's a very good deal, almost risk free. Clearly they aren't investing on the same basis as others - if this discount exists. This is in addition to the profits they will make in their metals trading business.

And if they aren't like other investors, then other investors shouldn't use their buy in price as a price cue. You should demand equal access to the "data room" yourselves - through a DFS announcement to the entire market.