Ann: Quarterly Activities Report, page-40

Oz I think that the realization costs you assumed are much lower than the current reality. Don't have the DFS figures at hand at the moment but assuming 51pct con grade and 63pct recoveries assumed in the DFS this would give a ore to con ratio of 27.44.

A$4.63 × 27.44 = A$127/mt of con.

Zinc TCs at the time of the DFS were sub US$100/mt (call it US$50/mt) and likely freight assumed was to China (lets assume US$30). Keeping it simple and assuming 15% smelter share (85% payable) and a price of $2600/mt at 51% grade should correspond to a smelter recovery deduction of around US$199/mt. So all up excluding any other on site transport/barge costs realisation costs should be at least $280/mt. AUD/USD FX of 0.75 would be approx A$370/mt con or A$13.60/mt ore.

Now assuming the current situation it is even worse:
Lets ca ll the spot TC US$250 and freight to Europe US$60 just that, without factoring any smelter payablity deduction would be US$310/mt or A$430/mt at current FX of 0.72. Including the payable deduction assuming con grade of 47pct would be US$183/mt or A$254/mt of con. So total A$684/mt of con or $18.4/mt of ore/tails not including any onsite costs....