You're right - but there was nothing back in 2017 - no sales, no income - only a restart study with some inflated assumed projections with an overly excited market driving share price up.
Zinc price and TC's they can't control and I agree that they have fallen short on their projections. Perhaps markets are getting a little more comfortable with a slowly increasing zinc price and retreating TC's.
$0.93 price target for NCZ, page-4
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