Started to notice the fundamental disconnect last week. Share price (red) vs weighted metals price (blue).
This is only a rough guide based on the 2015 Thalanga Restart Study, which was weighted 58% zinc, 21% copper, 11% lead, 3% gold, 7% silver.
The weighting last quarter was 42% zinc, 36% copper, 9% lead, 13% gold & silver credits, which I need to update in my program.
Last quarter average spot prices vs current futures (AUD):