Ann: Brisbane Mining Club Presentation, page-11

Last report by Cathy was in Jan last I checked and doesn’t factor in the impact of the new debt financing deal (and a 4 year Ag royalty as part of the deal).
Zinc treatment charges are also up around 50-75% since the last quarterly.

Also her report assumes 52% zinc grade for FY2019 onwards in concs which is not yet being achieved and silver recoveries from tailings of around 70% in 2019 and up to 85% in 2020/2021 - the feasability study recovery on Ag was 56% and SRK suggested “stress case” of 50%.
Ag grades in zinc concs from tailings she assumes are between 330-350g/t (with the comment that it has 110g/t penalty deduction). Current Ag grade in concs is 152g/t. So assuming 110g/t penalty deduction and less 20% Ag payable for the Varde royalty deal associated with debt.

Big question is how the funding of the stage 2 and possible hard rock mining ops will be funded which is assumed in FY2020. The initial plan was to fund it with cash flows from operations but they will need to be cashflow positive in order to to that asap.