Ann: Positive Results from Berenguela Metallurgical Tests, page-39

By my reckoning the change in processing flow sheet has generated a 'potential' $640mill "value add" for silver metal alone........

With Ag recoveries going from a previously quoted 50% to a much more robust 80-85% over a JORC global resource quoted at 127mill oz Ag, 'recoverable' or 'payable' Ag is now sitting at approx 101mill oz (using 0.5% CuEq JORC cutoff resource).

With inclusion of EMM (electrolytic manganese metal) to the processing line-up we now also have approx 1.98mill ton of potentially recoverable Mn metal to consider as well (again at 0.5% CuEq cutoff).

Not too sure on the price VAL might achieve for the EMM, but infomine quote $2.03 US per kg for Mn metal........so if that is a ballpark?? ($2000 per ton or there about) the Mn has just possibly become the largest $$ contributor to this project by a good stretch, but TBH I just don't know re price on EMM......Anyone here have any solid numbers re EMM pricing?

Anyway, it's amazing how this could turn out............even the measured resource (7.706mill ton grading 103gt Ag, 1.0% Cu and 8.76% Mn, @ 0.5% CuEq cutoff) will see $100mil worth of 'extra' Ag now being recoverable along with a previously 'not included' 570k ton of recoverable EMM.........

Looking to see a solid SS off these newer numbers, with potential to significantly increase the resource at Corona and extend at BC, these are interesting times for VAL.