Ann: Nifty Copper Project Restart Study, page-22

You're absolutely right. All of these examples are producing concentrate. It's worth noting that the concentrate is only between 20% to 27% copper.

So for example 2, with a capex of $524AUD, they will be producing 35kt for the first five years. Their concentrate is 25%, which translates to 8.75kt of copper. So in actuality, they are producing less than half (almost a third) of Nifty's annual production of 25kt for a capex requirement almost four times greater than Nifty.

Example 3 is 30kt of concentrate at 27% which translates to 8.7kt of copper for what's realistically a ~$350m capex requirement.

Example 4 is 9kt of copper concentrate at 25.8% which is only 2.32kt of actual copper per year... for $53m... And for this one they're highlighting it's potential for early cash-flow, and it's potential to be producing within 16 months from the start of construction. That's 16 months (after approvals and everything else is sorted)) for a tiny small-scale mine to start producing 2.32kt. per year. In the mean time, Nifty will be producing 11x more copper in ~15 months from today for only 3x the cost.

You can further analyse these projects as well - the only one which is comparable to Nifty's vast resource size is example number 2 with 1.86mt at 0.28% CU. Nifty is 732kt at 1.6%. Maroochydore is 486kt at 1.0%. Hollandaire is 51.5kt at 1.9%. Whilst CYM's resource is (currently) isn't as large, it's grade is king and trumps example 2. Any of these 3 projects will be way more profitable than that low grade operation.

For the cost, and the amount you're getting, CYM still remains one the most undervalued stocks on the ASX in my opinion.