Ann: TNC Commences Copper Sulphate Production, page-4

I'll take a stab.

Copper Sulphate CuSO4 is 40% Cu.

Assuming 100% payability, $3.90/lb US Cu price, 75c Forex = $11,460/t revenue.

Potentially AUD $55Mpa revenue.

Stockpiles will run for 3-4 months, then they need to start mining.

Processing costs aren't known, but typically in the range of $10/t USD ($12/t AUD), assuming after the initial stockpiles they're feeding 0.8% Cu and realising ~80% recoveries, its an implied 750ktpa feed, therefore costing $9Mpa processing costs, plus allowing AUD $6/t (strip ratio 1:1) $3Mpa for mining rehandle. Corporate costs $1M per quarter. Possibly $39Mpa cashflow. Potentially a lot of money to be made here if they can get through the operational challenges of a ramp-up. In reality the payability won't be 100%, more likely 90-95% as its crystal.

Mining companies often trade at 4-5x FCF so if they ramp-up and get it all humming, target price would be around 40-50c.

Good luck, interesting story unfolding here.