Not really - the 15% (15% not full 25% - government holds on to...

Not really - the 15% (15% not full 25% - government holds on to 10% free carried) is not a share of AVZ but a share of the project. Many people get that wrong. Cost for the 15% project share is based on the NPV of the mine not the share price of AVZ.
I do however realise that the mine NPV should be reflected in the value of AVZ as a company but unlike a Project BFS NPV analysis the AVZ share price is a playball on the ASX. IMO this is main reason why BFS has not been released - too sensitive in these negotiations.