The original 2018 Indicated resource was 8.7% Pb. In 2023 this...

The original 2018 Indicated resource was 8.7% Pb. In 2023 this was revised down to 7.3%. In 2024 just prior to admin they are reporting stope grades of 5.7%.

Even with a dilution factor (they used circa 8% in the 2019 DFS for a mined lead grade of 8.1% from a reserve grade of 8.8%) the stope grade is like 30% off the original modelled diluted reserve grade driving the project. Even worse if you include development ore.

The sensitivity analysis from the 2019 DFS below shows the project loses value very quickly when process recovery falls below 10%. 30% as we quickly found out is catastrophic...

My personal opinion is they may have underestimated the dilution factor / complexity of the orebody when running the numbers.