Agreed. I know the royalty and the government share are...

Agreed. I know the royalty and the government share are different - my point is that the way the analysis was set up, it treated the 15% profit share as a royalty when it shouldn't have. But that's beside the point.

Regarding the transport costs, the $500/t might be based on the product being uraniferous - but 400km at 8c a loaded kilometer is $32/t to truck it to the coast, and then it becomes property of the buyer. So $500/t is way too much. Even is we pay $100/t, its a significant saving of $2.4M a year - and when we are talking a realistic ~130M shares on issue that's over 1.5c Eeanings Per Share they cut off just by using a ridiculous shipping rate.

At least one thing is certain - the StateOne report has certainly lowballed it.