Ann: Oropesa Tin Project Drilling Update, page-114

To help those researching ELT the following may help.
The company has stated that the average operating cost in its model is projected at $US11,800 a tonne and the current tine price is $US21,500 a tonne so projected cash flow at 2,500 tonnes a year is close enough to $US25 million at current prices.
This cash flow is equivalent to about 1 cent an ELT share so at current prices the stock is selling at less than one times cash flow.
Other factors are that should be considered are:
. the tin price is rising and is projected to average $US23,000 a tonne
.The current drill program is lowering the strip ratio and hence cost
.production is likely to be higher
.and finally new ore shoots are being discovered.
Over $US30 million has been invested in the project to date and construction is expected to take one year.So even after allowing for say $10 million of new equity to finance the development ( the balance could be debt funded) we are still looking at around 1 cent a share cash flow.
Analysts tend to value these situations at five times projected cash flow and so hence the 5 cents a share Bella arrived at.
No allowance in these numbers for Cleveland.
Finally it now takes around 8 years from discovery to production.ELT is well through this cycle and the project has a payback of 18 months.
I would be very interested in any other tin stock that has the same potential.DYOR.