Ann: Three Ways Drilling Update, page-31

Not my interest. Good ground and team clearly but I’m a believer in using market structure

silver plays especially ‘high’ grade are rare esp in aus

zinc lead are common and while I think there’ll be ramping demand - there are a lot more of those projects and stock codes fighting for capital support

its not just important in terms of no of projects vying for capital - but the multiple the market will apply

if maronan was 100moz ag but at only 15g/t with lead at 6+% I’d be far less interested because it would get a strictly lead project buyer following and valuation

but positioned cleverly it will get a silver/ precious metal multiple - as adt itself has done

have a look at ncz for an example of zinc producer multiples - big producer with some of best numbers in years valued roughly same as svl - which is a pile of rocks and drill cores

the cobalt looks intriguing