Lead and Zinc prices today are both marginally lower than PFS...

Lead and Zinc prices today are both marginally lower than PFS assumptions, but Silver is trading roughly 59% higher at $27.50 per ounce - as opposed to consensus forecasts used in the study at $17.30 per ounce.

Base Case:

NPV 51% A$422m / 1.77b Shares Outstanding = approx. $0.23 per share.

Increased Variance 10%:

NPV 51% A$566m / 1.77b Shares Outstanding = approx. $0.32 per share

Increased Variance 20%:

NPV 51% A$707m / 1.77b Shares Outstanding = approx. $0.40 per share

I think the key takeaway for us is that while the share price has moved higher, value has increased proportionally more.