$68M in lost profitsAt $1.75 zinc Trevali is losing $30M(60M X .50) on it's Caribou hedge in 2022. If TC's go up TV will receive .90 for it's Caribou zinc production. Glencore will receive .85(.50 from hedge & .35 from TCs). Glencore will make $50M from Caribou and Trevali will likely lose money. Trevali stands to lose another $30M in 2022 because of the sale of Santander. Santander was the only profitable mine in quarter 4 and with an AISC of $1.15 in 2022 could have generated $30M in profits. Selling Santander got rid of some reclamation exposure, but TV ended the quarter with $29M less in current assets. What about the other $8M. It got "lost" somewhere between Perkoa and the port. I must admit that Alf was right about boneheaded management. I tried to defend them, but I was wrong. Trevali was a lost opportunity because of poor management and Glencore control. Let's face it, Glencore is the management and they no longer have any interest in Trevali equity value. They are only interested in concentrate flow and maximizing "their" profit from that flow. Caribou must supply Glencore with 74M pounds of production at $1.25. I'm not sure of the details, but if 60M pounds are produced they may need to carry the other 14M pounds over into 2023. With needing $200M in financing there will be significant financing costs and interest costs will double. I'm curioius as to what other miners people are buying. There are many miners that represent much better opportunities than Trevali now. If you want to know more about what is going on you might want to check out the new video at Iceagefarmer .com. Shipping is becoming a huge issue. The world is changing rapidly and there is an agenda behind the Russia/Ukraine conflict.