Good question, but I think there's a misunderstanding here.This...

Good question, but I think there's a misunderstanding here.

This isn’t an annualised cash flow model based on 100Mt production per year.

This is a total asset valuation assuming the full 500 million tonnes are eventually mined and sold — similar to how you'd value an oil field, lithium resource, or any large industrial mineral deposit.

In this case:

• AUD $11.25 billion is the total projected gross revenue across the life of the mine
• AUD $1.6875 billion is the total net profit, based on a conservative 15% margin
• EPS is calculated against that full-profit figure, assuming all 500Mt are extracted and sold over time

No need to divide by 5 — unless you're building a discounted cash flow model (DCF) based on staged annual production.

This model is about showing what the asset is worth in total, once proven, permitted, and monetised, which is precisely what makes JORC compliance so pivotal. Once JORC-defined, that 500Mt becomes a bankable resource, which can be used to secure funding, partners, or even a trade sale.

Hope that clears it up.