Ann: Antimony zones over 100m wide with grades up to 1.7% Sb, page-5

30.69 m @ 0.11% Sb, including 1.1 m @ 0.48% Sb, and additional surface/core assays confirming at least 0.06–0.07% Sb over broader zones. At ~0.07% Sb over 218 Mt of resource (~296 Moz Ag), you're looking at ~150 kt of contained antimony, which could be worth over US$300 million in situ, given current antimony prices (~US$17,500/MT). So - In-ground value (before recovery) is estimated at ~US$300 million, but that doesn’t translate directly to market value due to:
- No JORC-compliant antimony resource yet
- No metallurgical data.
- High technical, permit, funding, and delivery risks.
- Low-grade Sb (0.1–0.4%); Long path to monetization.

Markets typically assign 5–20% of in-ground value for early-stage critical minerals before de-risking (based on comparators like Perpetua, Warriedar, Larvotto). Applying 5% recognition of us300m= US$15m+ = AUD$22m+ = ~15%+ of mc 146m with the potential of 4x that.

We're not seeing ss1 up 15% today. That said, considering other silver miners are down more (eg usl ~-4%, svl -8%) yet ss1 unchanged, perhaps Mr Market might have valued the sb find at like ~3-4% today (not 15% yet) pending more confirmations. What's great about that is the latent opportunity. In addition to good gold/silver asx announcements, there is now another news stream opportunity to keep the ss1 price triggering forever upwards.

At the risk of counting chickens, I'm thinking timing might be of the realm of:
- Multiple confirmatory Sb holes might be another 2-6w away.
- Metallurgical testing / recovery rates might be 3-6m away.
- JORC inclusion or separate Sb resource 6-12m awya.

The sb find also feeds nicely into the story of US buying rare earths purchases sending such companys' share prices up - a potential strategic premium. Bring on those confirmation announcements I say.