HRZ General Discussion, page-40

The attachment below is a presentation Macphersons delivered back in October 2013. Note the market capitalisation (slide 5) at the time was A$55m with an Enterprise Value (EV) of about A$50m. I have HRZ's enterprise value presently around A$53m (once you take cash and investments into account).

If you look at Slide 11 you will see the commodity prices were significantly lower then than they are today. The silver price in US dollar terms is comparable but note the exchange rate today is a lot lower (US$0.75 v US$0.97) so the silver price in Australian dollar terms is A$32.35 versus just A$23.50.

Whichever way you slice and dice this company, it has significant upside.

MRP Feasibility Study Presentation Oct 2013.pdf