Am I missing something??, page-15

I'm a bit confused. I understand that KGD calling the bid undervalued as they are expected to do.
But the way I see the deal they did KGD off load 80% of the project to GPR for drilling and a resource upgrade (which looks a cert). The cost 10 millionish (I could be out here). If that's the case why the massive valuation upgrade from the independent party. Because of the drill results ??

They want 15 cents a share valuing them at 56 million for their potential 20%. but gave away 80% for 10 million.