RE:Get real Pip, you did the mathRidiculous Dragon, the basic point of near every post I've made here, and it's common to virtually every RE stock, is that THERE IS NO "MATH", simply varying degrees of fantasy, BS & hot air.
It is just SO easy to trick up a feasibility around the multi stage REO process with just so many moving parts, and no two projects or resources are anything like the same.
Even two of the best known ROW projects MP & MtW have different hosts, different ores, lending different advantage to each at different stages, frankly it comes down to the integrity of mgt & their ability to execute, and develop, their process.
Ucore have provided absolutely nothing that anyone could vaguely use to evaluate their business case, which isn't defined any further than a grab bag of very colourful glossies.