Still way undervalued relative to zinc price, page-17

the other very important sentence that poster have not picked up and i thought important is as follows.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Very large upside leverage to zinc prices
The Company’s internal pre-tax estimated NPV8 of US$609m is based on
life of mine zinc prices of ~US$1.37/lb (in-line with industry estimates, but at
the upper end of sell-side estimates). At US$1.37/lb Zn, we conservatively
(assumed substantial dilution) value IBG at 48cps. For another way of
thinking about the leverage, if we value IBG as a series of in-the-money
AUD zinc calls (50% volatility) then we derive a 44cps valuation.
Zinc price outlook remains positive, recent moves encoura..............................

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The only thing is, we really need the zinc price to move a lot higher from where we are now for citronen to be viable. At current price, we are probably not making any profits yet to justify the project (given mining cots alone is 86 cents per pound with a very substantial C3 costs).

but thing is really looking up for IBG, the stars are almost in line now.