RE:Revised 2022 EPS with added calculation for AISC, Cash Flow Respectfully, I don't believe your "mine operating expense" of $0.92 includes DDA. As the result, the projected net income and the taxes are too high. When you add DDA to the cash flow statement, you overstate operating cash flows.
FWIW, I estimate that at $1.50/lb Zn in 2022 they make just enough to pay $20MM for RP2 early works. On the positive side, they now probably have less than $60MM in net debt, so as long as they can extend the revolver at $120MM and get the Glencore facility to $33MM, they should have enough for RP2.
JMHO.