It could be, but guess what? All this would make per-GH costs higher, not lower.
I've established a best-case scenario for AM and it STILL appears significantly overvalued. Thus my short position.
Cool for you, but your maths is wrong everywhere, even at $15/GH profit margin is better than 75%
You fundamentally misunderstand. That 75% is the average projected over the next year.
If Cointerra is selling at $3/GH, do you see the issue with AM producing at $15?
Even if AM's margins stay near 100 for the near future, if they drop below 50 later in the year the average could easily dip below 75%.