RE:RE:RE:RE:Reference Prices for the 4th Q1) Here is how you model S's Ebitda (which btw, is effectively is Dividend paid out by Moa. If it is not paid out by Moa, then it is retained at Moa in the form of WC). Per Q:
U$ Ni price of 29,000 / 2204.6 to get US lbs = U$13.15 x .95 to deduct 5% Royalty = U$12.50 x FX of 1.3500 = C$16.87.
S's production of 4,200 tons/Q x 2204.6 = 9,261,000 x (C$16.87 - U$5 for NDCC (will get more on this next week in presentation/guidance which is coming out) x 1.3500 /1000 = C$93.725mm of CF/Q - 13mm Corp Costs = C$81mm/Q x 4 = C$324mm + U$57mm Co Div x 1.3500 = C$400mm
2) All Cash Flow at S, is in the form of a Div so yes the Co Swap is a Div.
NB - Obviously hinges on the price of Ni and Co but a) this is today's price and b) the model is correct. As mentioned, if you want to argue the NDCC, we will get guidance this coming week.