Today's announcement highlights a clear change in thinking by...

Today's announcement highlights a clear change in thinking by management, from a 2018 start-up using blended tailings and underground ore to a much earlier start (late 2016/early 2017) using tailings only.
How do the numbers look on a tailings only start up?
Assuming 1.5 million tonnes throughput pa; conservatively 6% zinc-equivalent and 60% recovery from mining to end product (assumptions drawn from PEA) = 54,000 tonnes Zn equivalent pa.
All up operations costs of A$60 per tonne of ore (today's announcement) = 60 x 1,5000,000 = A$90 mill.
Income = 54,000 x A$2,600 zinc price = A$140 mill. (80c exchange rate)
Profit = A$50 mill pa on a capital expenditure of only $100 mill (2 yr payback).
As the higher grade underground ore comes on stream, the equation improves.
On this basis, why not start early?
What impediments are there to starting operations?
Funding - would a bank lend them the funds on these figures? Hard to see why not.
Approvals - announcements indicate everything is in place.
Execution - they have an experienced team.
So the major risk is funding and in return the company is trading on an enterprise value of $20 mill, Yet Woodlawn has an NPV of $300 million.
Success in the share market is about finding value where no-one else sees it.
HRR might just be an example of this.