RE:RE:Nearing the end of the quarter. So, the average copper price CMMC realized for Q1 was $3.90.
From a financial statement perspective, the price of copper has not dropped, it has risen Q/Q.
The puts were purchased at $3.75 strike price, so they have not gone up in value, nor are they remotely in the money, so no benefit there.
However, Gold has averaged higher than $1,791 from Q1, so price upside there as well, but really all about copper right now.
Sales will be ~20% lower, since they sold some inventory in Q1, but price is 10% higher, and all the new capital spent won't pay off at all in Q2.
I think this will be the weakest quarter of the year, and should come in 10% or so below last quarter's 16 cents.
The market is expecting 13 cents a share, I think that is a reasonable estimate.