Ann: Activity Report for Quarter Ended 31 March 2018, page-23

One also needs to look at the pro forma balance sheet on page 36 which completes the picture to arrive at the 15.54 c per share valuation.

The valuation assumes that everything stops at the end of the giant pit processing and $4m is spent on redundancies to wind everything up without any residual value assigned to the processing plant, the potential resources or the hydro plant possibilities.

It also worth noting that the valuation assumes a copper price of AU$ 8160 a tonne and 45,000 tonnes of copper. If the current hedged average of around $9000 a tonne is achieved going forward another 6.6 cents per share of cash would emerge.