jtang,
can't recall whether the current MC for PLV includes the equity component for the Mayala. Even if they haven't in your example you should only apply the additional 10% equity against the PLV shares on issue/MC. So the final number should be 80m + 8m + 500m or 588m. I'm not sure how this impacts your comparison between PLV and GRR. Just highlighting a fundamental problem with your maths!