Have been a holder in the past pre Gold and sold out with a...

Have been a holder in the past pre Gold and sold out with a handy profit, thanks to the Gold strategy.

Looked attractive at current price range. Did some rough cash flow and NPV calculations based on stated tin and copper throughput, AISC and market prices. I come up with about 3X current market price using 10% discount / yield rate. Back in but now up to the company to achieve stated volumes and AISC and market prices to hold or improve.

This hedge looks like both a commodity and currency collar arrangement as the amounts are stated in $AU. The put side (floor price) is about current market price for copper. Also the volume seems about half of throughput so still plenty left up to market prices.

Good to see the company finally getting some value out of the tin operations. 13 mill EBITDA for a quarter, geez I remember a good quarter was 3-4 mill. Throw in rentails and a bit of a supply squeeze for tin and who knows.

Also they timed the entry in to Gold pretty nicely and may have done the same with copper.

Time will tell.

IMO DYOR Etc.