Zinc Supply and Pricing, page-35

The strongest correlation (in my opinion) is currently between Thalanga's life of mine revenue and RVR's market cap. I'm not sure if it's by chance or the logical outcome that these two indicators incorporate of all the major variables - share price, issued securities, mine life, exchange rate and zinc, copper, lead, silver & gold prices.

The positive of there being a strong relationship is that each additional year of mine life would then increase the share price.

The current LOM is 5.25 years (Canaccord say 5.5 years, but I go off the restart study). This is speculative maths - first assuming that a correlation exists, but also that new resources will be discovered at the same ratio of metals, etc - but each additional year adds 19% to LOM revenue. Using today's close of 22.5c, each year would then theoretically add 4.3c to the SP.

My point being there is plenty of upside in this company, regardless of the ebb and flow of metal prices. And given that the director's performance rights are dependent on increasing resources & reserves by >20% (each vesting period?), I'm reasonably confident we'll see a minimum 1 year extension to the mine life when the Far West resource update gets released - which is currently underway.

Canaccord also estimated that Far West and Waterloo would add at least 2 years of mine life. And we haven't even touched on Liontown, where there have been hits of up to 37.5% Zn Eq., or Scarecrow, which, judging by the tone of recent announcements, is the most exciting target of them all.

And there's of course the zinc & lead concentrate offtake agreements to be announced - almost certainly this quarter - and before the end of the year RVR will be generating cash flow, and hopefully big profits to distribute to its patient shareholders.