Assuming that costs as shown above are the same when mining start was delayed 3.5 months is probably going to prove to be wrong. You would think that active management that arrived in July would have been looking at every possible way of extending the cash runway (not spending $5 mil on exploration for instance) and i took the recent statement about new hires as a positive - no sensible MD is going to be signing up new staff if they really thought there was a high risk of having to make them redundant again in a cash squeeze in just a couple of months - So i am assuming that, while the June 1 start date was missed, and there were significant management changes, that the new team have effectively reshaped the entire start up to get to cash flow. Copper is higher and gold significantly higher so likely the early cash is a stronger than originally modelled. Not saying its not going to be a close call, and the selling by APAC is bad timing if not acting in bad faith, but I think this could still surprise.
TNC Price at posting:
3.0¢ Sentiment: Hold Disclosure: Held
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