IBG SP / VALUATION THOUGHTS, page-6

Red Dog is very successful and is proof of concept for IBG.

It is just a consideration regarding why IBG is undervalued.

Generally, with Red Dog you are unable to ship out during winter months, but as Zinc Concentrate is considered one of the best (with Century in Australia) in terms of quality for a smelter.

I think the potential for IBG would be a 1 billion plus MC when operational. The next leg will begin post a BFS / Financing. Hopefully, the other macro factors (zinc price etc) align and we can see a real jump in the SP until production (circa 2024).