Ann: Updated PFS Confirms Strong Economics of Sorby Hills, page-78

1. We have a JV with a cashed up strategic partner who’s thelargest Lead smelting and silver producer in China. From
memory they profited 2.7bil In 2017.(75%PMY/25% Henan) meaning all capital expense related to the Capex will be cut 75%/25%......
2. Resource underexplored systematically
3. Resource at surface
4. Capex under 100mil for a plant etc...........
5. Low operating costs, yet we still have time for optimisation
6. The company has also touched on the beneficiary test work demonstrating extremely encouraging results which can be of great benefits “ A review of previous metallurgical testwork has confirmed preliminary Dense Media Separation (DMS) test work indicates ore grades may be significantly upgraded by two to three times prior to being fed into the process plant with minimal (<15%) metal loss”.
7. Recovery grades have room to be optimised
8. Zinc HASN’T been included throughout the PFS as of yet....
9. We used (from memory) 8-9mt resource for the PFS metrics to date which spat out an NPV of $243mil with a LOM of 8 years.... our resource is 29mt..... that’s atleast with a 1mtpa plant LOM 20years.
(let’s stick to a conservative view and say after this next drilling campaign, we move our indicated up a small level plus a little reserve)
so in the next optimised PFS including the DRILLING
RESULTS CURRENTLY PENDING plus new campaign, we (just a guess) use a 15mt resource for the studies.


I’ll comfortably say, you do the math for this boy!

G1A used a 15mt resource for their current PFS with an NPV of 500mil+. Soon after, stumbled upon an investment of 60% of their total capex from a lead and zinc smelting company.

please take into account this is not ramping at all. We do have a different cut off level and Lead grade yet our Silver it double. Apologies for any shit grammar, this is typed on a phone.


We’re sitting below 10mcap......