I think that we need to focus more on the value of the current...

I think that we need to focus more on the value of the current reserves - as opposed to the size of either reserves or the much larger but lower grade resource.The DFS, which is based on the high grade reserves and production of phosphate fertiliser only, estimated the substantial cash flows shown in the table below which amounts to US$700mill in after tax cash surplus or over A$1bill after tax cash surplus over the life of mine (20 years).The company doesn't need anything other than currently defined reserves to generate those cash flows.The P4 or yellow phosphorous project can begin by using what will be the lower grade "waste" from the fertiliser operation. The green ammonia project which could generate much larger cash flows than those below, doesn't use any phosphate. It will produce nitrogen based ammonia fertiliser and explosives. That project doesn't have a finite resource. It can produce indefinitely using the green hydro electricity and nitrogen drawn from the air to produce low cost green ammonia thanks to the incredibly cheap green electricity deal.Any additions to the phosphate resource/reserves base will add to the potential cash flows shown below as would the green ammonia and P4 projects.A billion tonne phosphate resource sounds good but isn't much good if it's not economic. Grade is king.