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solid post - my thumbs up got marked down by someone that doesn't like posts other then positive. It would seem you know much more about TEX then just the TA...

That amortisation rate is high. I would expect it to come down with Highway and Chalky though given reserve targets and therefore longer operational life. At least it doesn't impact cash flow which is key while they are still trying to become a cash positive producer.

Is that royalty the same across all well?

If your %'s are correct then the significant variable costs make it difficult to reach the black but with a substantial increase in production from Highway, Chalky and Beyt sidetrack it will pull through. From my previous post it would mean in your analysis that production costs (if we group royaly, etc in there) are about 60% (excl amort) which brings my March target with only Highway to 400k. Chalky and Beyt sidetrack offer significant potential upside.

Comes down to risk/reward investors are after. An exciting 2 months for TEX.