A friend, who's studying the Romarco/Tyhee analogy, wrote me this helpful and clarifying note:

"You mention $266 "production cost" when in fact you should say "Cash cost". The production cost was already stated as being $450. It should go up (based on your statement) to $550. Tyhee cash cost is (PA)$384 and should in my opinion be around $300 when the power cost is adjusted (with Hydro power supplied to Tyhee). The production cost should not be higher since capital cost (without fuel tanks...) would be lower. Do not forget that the difference between cash and production cost is inclusion of depreciation and amortization.

It is still my opinion that Romarco' SP is overvalued and Tyhee's SP undervalued. Future will tell."

Thanks,

Baires