Assume cu US$1.7/lb, production 65,000 tonnes, production cost...

Assume cu US$1.7/lb, production 65,000 tonnes, production cost US$0.9/lb, Admin cost remain same as quarterly, exploration costs are halved, development in production drops to $5M/quarter, finance costs as in quarterly - no repayments of loan.

Production Earnings $114M (1.7-0.9)*65000*2200
Admin costs $ 12M (4* quarterly costs)
Exploration costs $ 12M (1/2 *4* quarterly)
Finance costs $ 17M (4 * quarterly)
Development costs $ 20M

Profit before tax $ 53M

The actual result will be less because estimates are always optimistic.

So it shouldn't go bust before the copper price recovers.

However, given the current price of copper, and the possibility of prices remaining depressed for some time, sadly the current price doesn't look too far away from being reasonable. If and when copper prices recover, a much higher share price could be justified.