moving up nicely, page-7

re: impact of zinc prices - for tas Just a rough glance at the August update/Feb BFS with todays 27month LME prices (81 cents a pound).

Thats a 35% increase on the BFS figure from Feb.

The opex assumed was 37 cents a pound. Increase it as the costs would have gone up. Call it just over 40 cents ,say 45 cents. That is a margin of 36 cents cf the original margin of around 20 cents!

Double the NPV of US$73m (yes I know capex has not doubled but still would be significantly higher) which is US$146m=A$195m. Times 80% =A$155m.

Deduct something I have foregotten which is overridden by the capex not doubling!

And how many shares on issue? Think there is a bit of value far far exceeding my initial misgivings about the ground conditions-they can afford to use the longest/best steel rockbolts ever invented at this margin!

Share price obviously starting to reflect the position.

Cheers,TAS
I did the above very very quickly so please have a go at your own figures using the two announcements and the latest LME 27 month price (spot is obviously better but they will have to hedge some for project finance)