BSX Day to Day SP discussion, page-288

Look at the SS, strip out operational cost related to downstream (so that you have only upstream left). Add in federal and local royalties, transport of concentrate to port, and in between 40 to 50% corporate income tax for mining companies in Vietnam.

If they want to lose money, they should start up the concentrator and sell concentrate.

This thing is not going to work without a hydromet plant integrated into a downstream facility. And a downstream facility will only be FID'ed if they prove longevity and sufficient annual production of the resource, _and_ if they get the technical details of the hydromet plant down with enough confidence. I wouldn't even be surprised it they need to run a pilot plant first before Ecopro commits to substantial capex.

As a standalone mine this is nothing special currenlty. And in a poor mining jurisdiction too.

Ofcouse it will get diluted. Fine with me as long I am able to participate pro rata or better.