Ann: June Quarter Production, page-141

Hi dbd25,
I didn't see your question from November about the value of 2.3 billion until I was scrolling down to the current post. I was valuing the Federation resource, not the company. To get 2.3 billion I used the companies own figures beginning in June 2020 when for instance they stated the zinc resource at Federation was 348kt. At 3,000/t that's over $1 billion alone. So pricing the June resource at conservative prices gave a value of $1.6 billion. Then in August 2020 outside of that resource they hit these intervals which I did estimates on;

	Aug 2020	Federation	20.5m	Au 17.4 g/t	Pb/Zn 44.4%		Cu 1.3%
1		Federation	21.6	31.9	44.8		1.6

That gave me the $2.3 billion though I admit there was a reasonable margin of error in this second additional estimate. Since then we have the further extension of the high grade Au announced on 16/12/20 of 12.9m @ 33.4g/t Au and 36.7% Pb/Zn which again being an extension, was outside the June 2020 resource estimates. So I'm happy that given both the August and December extensions, and the prices I've used that have been conservative that Federation contains at least $2.3 billion of the various metals. It's proximity to surface means once we begin mining it, money will flow quickly. If on the total tonnage there is a 5 year LOM, we'd be hitting revenue of $460 million p.a. from Federation alone. So I see the company as massively undervalued given we will be mining Peak Deeps and Peak North simultaneously once Federation mining begins. I see the price steadily rising once Peak Deeps begins and cash flow goes up considerably, but being seriously re-rated once Federation kicks in.