You should be more cautious as it is not as simply as taking...

You should be more cautious as it is not as simply as taking commodity selling cost from cost of production for each commodity and extrapolating. Cost of production has a very different definition to operating costs stated in the DFS of $167/t of ore mined (3Mt at phase 1 and 6Mt at phase 2).

Here is a summary page of my DFS model deconstructed using DFS figures (with some simplistic assumptions on depreciation). Net C/F after mining costs and depreciation at DFS commodity pricing is only $463m p.a. for phase 1. Very healthy.



In substituting your commodity pricing as at today, TNG is still cash flow positive but the issue arises with stage 1 CAPEX payback (during years 1-4) and financing stage 2 CAPEX (year 5) which I raised on here a number of months ago. It can't achieve those two capital requirements.

Net C/F is more like $120m (before any CAPEX financing repayment). No very healthy.