I am kind of surprised how much people are down about this quarter. Was kind of expected. Once Area 5 starts if we mill 2% ore at 150kt and get 80% recovery (recovery usually improves with grade) then we will produce 2,400t of Tin. If you assume AISC stays fixed at $55m then that gives us AISC A$23k. AIC should converge towards this as capex rolls off. If Sn sits at $20k and AUD at 63c then we would have A$31,750 prices. 1,200t at 8k margins is almost A$10m/qtr. Would be trading at 3x bottom end tin prices relative to EV. The best time to buy these cyclicals is when they are making no money. Sell them when they are making a stack.
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