Question - how do the AFR get $4.70/lb as the inferred value of...

Question - how do the AFR get $4.70/lb as the inferred value of Husab?

The AFR suggest the 270p offer translates to $4.70/lb

From the DFS report in April, we have 257Mlb indicated and 392.1Mlb indicated + inferred

For the 257Mlb, I get $9.31/lb
For the 392Mlb I get $6.10
so for $4.70/lb we must have 510Mlb?

I've not seen a resource update - what am I missing here??

NB my spreadsheet is based on the following:
today's exchange rate = 1.5436
see through price for 270p offer = A$9.53
KAH shares on issue 245,424,578
EXT shares on issue 251,159,163
EXT shares held by KAH 107,342,087
KAH mkt cap @ 270p = A$1,022,860,922
EXT mkt cap @ $9.53 = A$2,393,291,394