Not that it makes a huge difference, but I don't think it's that high. I calculate it at $1,197 (within their guidance of $1,100-1,200).
My simple analysis reaffirms that the turnaround is on-track. I think some of the exuberance we've seen on the boards needs to be tempered. They were never going to sustain $900 AISC.
They guided $1,100 - 1,200 and they've delivered...consistently. That's the message we should be taking away.
My simple analysis says we can now take them at their word going forward and we should see the re-rate continue. First stop is the overhead gap at 14c, then I sense onwards to 20c over the coming months.
As always, DYOR, but happy to share my simple calculations.
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