RE: Grossly undervalued.You need to pay more attention. At current prices, R190 will throw off more than $150MM cash flow.
The FS used $1.30 zinc and $0.80 Pb. Zinc is trading at ~$1.15, but Pb is trading at ~$1.30. What they lose on the zinc (-$28MM), they more than gain in the Pb price (+$50MM).
The $52.7MM is NET cash flow (ie after deducting the ENTIRE $93.3MM capex). Add back the $93.3MM cash flow and TAM generates (at lower prices than today) $146MM operational cash flow. At current prices, they generate around $170MM cash flow.
Operational cash flow is what matters and how this will be valued.
Remember, due to the artificial restraint of only looking at R190 and none of the 33 other known deposits, the FS was forced to assume that the entire capex had to be amortized over just one project. In other words, only the 1MM tonne R190 deposit covers the ENTIRE cost of the mill, DMS, water disposal, concentrate facility etc etc. And it STILL generates huge cash flow - almost no mine on the planet can say that.
Once the updated FS is released (in a few months), the will amortize the cost of the mill etc over about 1.5B lbs of metal, instead of ~300MM lbs from R190. And once they issue additional FS on mining more the 9 B lbs of known metal, the mill costs get amortized over much bigger tonnage.