Ann: Orocobre Limited - September 2018 Quarterly Report, page-34

IIRC Stage 1 was based on <$6000 sell price and <$2000 production cost. Actual production cost is twice that, but fortunately for shareholders is offset by the more than doubling of sell price.

If nameplate production could be reached, I would guess that production costs would be closer to $3000 than $4000 and so margins further improved. Hopefully they can get there by the end of this financial year, and with the experience gained from Stage 1, bring in Stage 2 closer to schedule, cost, and production targets.

Having said that, I reckon ORE is undervalued if they can get their act together. Let's see what the new guy can do, both in execution and transparency.