capital raising??, page-13

From recent report
6753 tonnes Conc
gives 1626t Cu, 24% Cu in Conc

rev per tonne conc = $8m/8015=$998/tonne conc rev
copper per tonne conc = 2200*0.24=528lb Cu /tonne conc

rev per lb Cu = 998/528 = $1.89/lb

assume 40c /lb HM processing costs as stated previously then net rev /lb = 1.89-0.4 = 1.49 net rev/lb cu.

based on 60% ownership and assume they hit stated 35k tonne cu total, tgs share 21k

net cashflow= 1.49*21000*2200 =$68m

These are my numbers and maybe incorrect please do your own.

Of course we shouldn't have to go to this hassle as TGS should spell it out.