Ann: Additional Lead Hedging Program , page-2

Impressive - "At current production rates and combined with our exposure to the silver price, the Company
expects to be able to achieve a consistent by]product credit of at least US$1.00/lb (based on
current spot metal prices and exchange rate) from its Broken Hill operation."

Note in the last Q the by-product credit was 90c/lb resulting in a very healthy cash operating margin of 44c per/lb.

By my numbers on an annualised basis they are on target to post 2010 earnings in advance of 10c per share; without expansion.

Conclusion: Fundamentals justify a sp north of $1; provided market sentiment remains positive we should not have to wait too long.