operating leverage comps

for interest.

where studies havent been done i've used my 50/70 rule and industry metwork averages to fill in the blanks on what each project currently looks like in terms of implied Silver/Silver eq operating revenue leverage.

studies always override theory - and higher silver goes vs lead + zinc the more Silver eq derates vs Silver

For ARD and IVR I've been unable to find proof of lead/silver concentrate done at such low grades. So those numbers might change slightly if metwork concluded it was cost effective to include such a capture. IVR may need to produce a dore.

also bear in mind it uses avg resource grades for those projects without studies - the grades should increase a little in any actual mineable reserve

costs are just as important - but with a view to a hopefully long metal bull market I wanted to know what kind of revenue leverage each project likely offers on an avg basis



as always - dyor