Page 2 Quarterly Activities 31/7/19. “The PFS estimated a CAPEX...

Page 2 Quarterly Activities 31/7/19.

“The PFS estimated a CAPEX of A$95.4M to develop the mine, with a 16-month payback and a pre-tax NPV8 of

A$243M1 (See ASX Announcement 26 March 2019)”.

Drill results due this week and a revised PFS due during September.

When Zinc gets factored in and the latest drill results hopefully showing plenty of Silver get worked in, I feel the

already amazing 16 month payback will be significantly less.

When the Qtrly Activ report was issued 31/7/19, Silver price was $24.19 Aus.

4 weeks later, our project is much more attractive with Silver at $26.76 Aus.