That is initial CAPEX which is to start the Retorillo mine....

That is initial CAPEX which is to start the Retorillo mine. Total CAPEX is USD234m over the first 3 years to get all three mines running although Retorillo goes on hiatus for 6 years after the first year with Zona 7 and Alameda doing most of the slog. Not sure why they haven't mined starting with Zona 7 given the sub USD20/lb ASIC it has.

I ran my numbers, using their term contract prices, and including all the end of mine liabilities I get a DCF of $2.30. Using a flat LOM term price of USD39, I get $1.21. Comps well to the likes of TOE, VMY and PEN (who produce already). Good risk reward from here assuming they get some customers and financing over the line by year end as per their latest video. I plan to start buying, but don't worry, I am no whale that will bid away cheap shares.