Ann: IN SITU EXPANSION STUDY DELIVERS STRONG VALUE ADD POTENTIAL, page-91

Not talking about offtakes but overall exposure to higher TCs and lower prices. Mines that are best placed to keep producing in low price/high TC environment are ones that are part of a larger group which have mining & smelting assets to reduce overall exposure to swings during low TCs and high TCs. It also helps if the mines have significant by-product credits.
NCZ does not have either advantage.

SHFE zinc stocks just increased another 4K this week - close to 80k now. This was 20k at the end of last year. What should be concerning if you are bullish zinc is that this is prior to the usual winter steel/smelter production stoppages which is a weak period for zinc. There had better be large draw downs in SHFE stocks soon if the bullish thesis is to have any legs.

That said the zinc price is currently slightly above $1/lb so it may have a short term technical rally but the zinc price will likely be below $1/lb in 6 months time imo. Not a good situation for a mine with debt, still ‘ramping up’ and looking to expand. Certainly potential for additional cap raisings if the zinc price does not rebound.