RE: New PresentationOf course R190 cf is more than the follow on years - TAM will be producing at least 287MM lbs from R190. The follow on deposits will produce about ~200MM lbs/yr.
It's simply a function of lower grades, offset by about 15% higher thru put.
Profitability/lb of payable metal improves on the follow on deposits due to substantially lower capex.
$490MM cumulative cash flow by 2014 at $1.30 zn/$0.80 is pretty tasty for a company with $60MM mc.
If prices continue at anywhere near current prices, I'd expect TAM to mine substantially more ore at R190 by lowering the cutoff. At 2% cutoff, there are ~491MM lbs (118% more metal that the 5% cutoff used in the FS) of zinc-lead at R190 (1,968,693 tn @ 11.32% combined).