RE: C''''mon guys...NO NO NO!...if we plug in the numbers from the FS/SS with current Zn/Pb prices we get a free CF of ~$50M/yr
Huh? Try ~$170 MM of free cash flow at current prices!
In the FS, TAM reported NET cash flow assuming the ENTIRE cost of the mill etc ($93.3MM) was paid off in the first year of mining. That assumption (which drastically lowers the IRR) was an artifact of only having ~1 yr of production due to the lack of FS on the other 33 deposits (with ~7.7 B lbs of zn-pb) to allow the cost of the mill etc to be amortized over 15-25 years. As such, it grossly skews the "headline" economics.
Anyone paying the slightest attention (and I know that's a tiny handful of people) realizes what a friggin cash cow TAM will be.