"NCZ should be cashflow positive if they meet their ramp up and...

"NCZ should be cashflow positive if they meet their ramp up and recovery targets"...this my friend is called wishful thinking. Back their track record, not what comes out of their mouth.There is very little value in replicating managements projections in a spreadsheet....especially if you have a pretty average management team that has missed every projection from day one. You are too optimistic on the zinc price, TCs, costs and recoveries. Even with your optimistic calculation you have the cash balance dropping by $27m this qtr!!!