While I don't glean much from copper production figures, I would say there is a story to tell with regards to ore mined values. Given the headroom available on the production side, this would be the limiting factor at the moment.
If we are to believe management's narrative that "The production rate ..... will continue to increase over the course of the next two quarters as the operation ramps up to steady state", it can be expected for ore mined to reach 100 - 120kt per month by the end of Sep 2024.
Dec 2023 - 25kt mined
Mar 2024 - 122kt mined
Jun 2024 ~ 225kt mined (extrapolated)
Sep 2024 ~ 330kt mined (extrapolated)
Would we be comfortable with that?
Using conservative figures and ignoring the cherry on top that is gold, June 2024 @ 0.9% Cu, $12,500 p/t would yield ~25.3m.
Breakeven while closing out the Hedge position would be pleasing, setting up for a more profitable 3rd calender quarter.
While I don't glean much from copper production figures, I would...
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