Ann: 2021 BFS Confirms Citronen as World Class Zinc Project, page-23

At risk of stating the obvious IRR has to be great than the cost of capital. Have not read detail of MABs treatise (great post thank you) - but skimming it - article says it all. Nyrstar have just commissioned 22m euro gas plant - they are very much into Zinc and lead. They need to meet their contractual obligations so - you never know what they might do - i suggest the IRR would be Ok by them. Would be well in excess of their WACC. They may need Greenland as a hedge for supply certainty. Maybe wishful thinking. I think Nyrstar are still our largest shareholder. Trafigura doing good things - maj owner of Nyrstar. Our Glencore friends too may come to the party. Though they are probably still in the huff after rightly kicking them off the board. Just gotta hope we dont get screwed - something left for us poor M& D shareholders! Glencore are the masters of the screw. Look at how they have screwed Zambia.

Exim is the key to it all. Funding around 30% of cap requirement at 1.5%. Big help at 15% 1RR. We need a partner - cant fund ourselves at current MC!