Total cost per poundIt looks like my total cost per pound calculations have proven accurate once again. I take the profit for the quarter, divide that profit by the pounds of zinc produced, and subtract that amount from the average price of zinc for the quarter. This formula does not allow games or excuses. It tells you exactly how management performed. AISC and EBITDA are junk numbers. What matters is the profit without adjustments.
Here are the total cost numbers for the last 5 quarters:
Q4-21 = $1.26
Q3-21 = $1.27
Q2-21 = $1.28
Q1-21 = $1.28
Q4-20 = $1.30
These numbers have been very consistent. Every single one of the last 5 quarters had total cost at $1.26 or higher. In 2021, they had the absolute gift of a $.15 reduction in treatment costs, and they still managed to fail investors. Fools can drone on about AISC and other useless metrics, but these numbers do not lie. The stock price is in the toilet for a reason. Bone headed management has failed investors quarter after quarter after quarter.