As I am not invested here I did do a quick calc and the key assumptions I made is:
1. The lead credits are used as a cost offset (your US$0.51 cost per pound payble zinc which I presume is a C1 cost). I think this would be the main difference with the modelling you have done.
2. I took the rest of your assumptions, and am assuming around 590 million ordinary shares here (excluding options), noting some are in escrow.
3.
Your numbers stack up per se, with the difference essentially around whether lead credits reduces the cost base and therefore cannot be treated as a revenue item.
4. If I was invested I would probably do a better assessment for you but at a highl evel your numbers stack up per se.
5. Obviously the numbers change if options get exercised should SP climb, given the option exercise price and its impact on EPS.
6. For others, treat my post with caution as I just looked at
@Michaeljob calcs, which he asked me to look at. Spent little time on the calcs by the way, but at a high level if the input parameters are correct then the results look ok here. As I am a non-holder I won't post here again.
All IMO IMO IMO
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