Ann: High-Grade Shallow Intersections from Sorby Hills, page-34

- Spot prices improved for Silver (waiting on Lead to continue)
- AUD decreasing favourably
- HLS improvement of ~8%
- Substantially improved recovery
- Compiling/using historic holes (1200m), with the missed out Phase I results linking CDEF toward MRE/PFS release
- Confirmation of Silver being present in certain historic holes assayed incorrectly
- Potentially increasing the nameplate capacity
- The mineralisation associated fault trending in the deposit direction (Potential exploration upside both down-dip and along strike)
- Potentially linking A/B through further work


- CAPEX under $95mil (Approx $73mil after JV partner Henan contribute)
- Lowest quartile of OPEX (If confirmed in the next PFS release. As we're targeting up to 100m of depth, being the pit shell, it's likely to maintain)
- NPV and IRR improving adjoining the upgrades, spot prices and AUD


Anything missed?