Please correct me if i am wrong........Back of the envolope calcs

Looking at Fortitude scoping study. Numbers don't add up.

2.7 million ore tonnes at 12 : 1 strip ratio is 13 x 2,700,000 tonnes moved = 35,100,00 tonnes.
Mining cost = $4.50/t
Total mining costs = 35,100,00 x $4.50 = $158 million
Add in processing costs of $31/t = 2,700,000 x $31 = $84 million.

Total costs are 84 + 158 = $242 million

132,000 oz x 93% recovery x $2,400 = $295 million revenue


$295 million (revenue) - $242 million (costs) = $53 million in cashflow,,,...…..not $98 million

Where have I gone wrong??


You could also add in capex, tax, royalties, corporate costs...…...