“sorry but we gotta a mine to run – sp later”

A snappy snapshot estimate if the February 2013 result was repeated for next 12 months - assumes C1 cash cost @ $2

Cu tonnes - 18348 - (*Note 1)
Cu lbs - 40450368
Cu revenue $ per tonne - $7,778
Cu revenue - $142,701,570

Ag ozs. - 756288
Ag $ per oz - $28.96
Ag revenue - $21,900,588

Cu & Ag total - $164,602,158

C1 cash cost per lb - ($2.00)
C1 cash cost Cu total - ($80,900,736) - (*Note 2 & 3)

Admin - (*Note 4)
#New $25M capex interest - ($1,625,000)
#Directors salaries - ($2,149,199)
#Other admin salary - ($2,000,000)
Compliance expenses
assumes royalties) - ($1,836,000)
Dep & amort. - ($482,000)
Legal expenses - ($1,976,000)
Rent - ($220,000)
Travel expenses - ($1,172,000)
Share based payments - ($520,000)
Foreign exchange - ($372,000)
Derivative (hedging) - ($1,354,000)
Loan interest - ($1,886,000)
Other expenses - ($896,000)
Admin costs total - ($15,744,199)

Profit before tax - $67,957,223
Tax @ 30% - ($20,387,167) - (*Note 5)
Profit after tax - $47,570,056

Shares Number - 486,999,000

Market cap based on PE 10 - $475,700,564
SP - $0.98 - (*Note 6)

Market cap based on PE 12 - $570,840,676
SP - $1.17 - (*Note 6)

*Note 1: Cu - represents ~61% of broker estimate of FY 13 - 30,000 tonnes. Bankers Feasibility Study- Cu projection FY 14 - 36,400 tonnes | FY 15 - 50,000^^ tonnes. ^^requires $30M additional CAPEX. Ag - represents ~75% of Bankers Feasibility Study estimate of 1,000,000 ounces.

*Note 2: C1 cash cost
$2.00 per lb assumes a “smoothed” cost.
C1 - Includes costs of mining, milling & concentrating, on-site administration & general expenses, property taxes, metal concentrate treatment charges, & freight & marketing costs less the net value of by-product credits. Excludes indirect costs such as corporate overheads & royalties.

*Note 3: C1 costs Ag may be additional.

*Note 4: Estimate based on 2 x 1 H 13 costs but "#" denotes my adjustments ie an additioal Loan of $25M plus reduction in salaries and wages assumed included in C1 cash costs.

*Note 5: Tax loss offsets may be available.

*Note 6: Adjustment may be made if C1 costs Ag additional.


Don’t take any notice of anything I might have said. By all means correct or disagree. Estimates and projections above might be RIGHT but are bound to be WRONG. Do your own research.

BUT for anyone freaking out about C1 costs – yes…could easily be higher ATM but this is to be expected during ramp up – cost to smooth.

Keep your eyes on the big DML business people!

I hold shares in DML.