Ann: IN SITU EXPANSION STUDY DELIVERS STRONG VALUE ADD POTENTIAL, page-98

They are producing but get paid barely anything for silver. According to their feasibility studies silver in zinc concentrate grade is 140g/t and when they sell the zinc smelters deduct 3 ounces and pay 80% of the balance. So approximately 37g/t silver per tonne of concentrate produced.

They sold a silver royalty for 4 years which will means they will only get paid 45%* of the 37g/t silver per tonne of concentrate. I.e NCZ only end up getting paid for around 0.5 ounce of silver per tonne of concentrate produced.

https://wcsecure.weblink.com.au/pdf/NCZ/02076259.pdf

*they have not drawn down the junior debt but say they plan to in Aug.