Silver + lead, page-13

"BML is potentially the most boring silver play out there and that is also why it will get funded as it's a lead mine with silver credits"

Yes, and highly leveraged to the exchange rate and lead prices. I agree with the above comments that the floor is probably going to be 0.095 - 0.10c. Now that the cap raise has been confirmed, (aside from the Acuity facility), a lot of the downward pressure should be on the backburner. The cash will provide a buffer and allow for further material news flow, which the company has been severely lacking for a year.

The Manbarrum drill-out will be interesting if they start getting some higher grades. Leach & Taylor (2009) has a global median MVT resource figure at 7Mt @ 7.9% combined Pb/Zn (below). The JORC TRR Manbarrum annoucement (10/04/2018) has Sandy Creek at 22.5Mt for ~2.2% combined Pb/Zn, i.e. high tonnage low grade. Perhaps the other satellite prospects will provide a bit of a bump-up. Conveniently, the former exploration manager of Manbarrum is on the BML books. Perhaps the Manbarrum ore can be blended out with some of the HG Sorby ore to extend mine life out.




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