I did a very quick (read rough eyeball) calculation based on...

I did a very quick (read rough eyeball) calculation based on shares issued at the time (from relevant 3Bs and disregarding options, which are all well out of money). Better in my opinion to look at MC than share price given that additional shares were issued as pointed out by Names Little.

31/7/2015 - Cu roughly 2.4, TGS MC $102m

16/12/2015 - Cu 2.12, TGS MC $85m

Current - Cu 2.65, TGS MC $72m

Based on 31/7/2015 adding 10% copper price and TGS MC would suggest a price per share of ~0.059;

this for me is just a simple maths calculation based on shares on issue and doesn't take into account any value created by the de-bottling and the restructuring of debt (to the better).

While I am cognisant of the debt situation (maybe EV is a better metric than MC), I agree with you regarding the SP appearing out of whack. We are in a much better situation financially than 1 year ago, IMO, with CU at these levels - that for me is a fact, not an opinion.

Cheers
Charlie