Ann: Investor Presentation, page-2

So this is the crux of the project proposition.

• The lead price that underpins the DFS is an average of US$ 2260/t through to '27.
• Silver is an add on and while it improves the business case, is a secondary consideration. Its primarily a Lead project (obviously).
• The Lead price has been ranging between US$ 1600 - 2700 /t for 13 years. Pretty stable supply and demand!
• Its ascending trend line from 2020 appears to be breaking down at ~ US$ 2046/t.
• According to leads history, there's a reasonable chance the technical break continue down to at least major support at US$ 1907/t.
• If it breaks up, there significant monthly / weekly resistance around US$ 2200/t and still below the DFS numbers.
• The FED is juicing the market leading into the '24 election cycle using the TGA and reverse Repo facility. That is a potential poor GDP setup for post '24 and therefore for commodities - not that they aren't under performing now.

Based on the above, the potential outlook using the established DFS numbers, do we think finance is closer than it was 1 year ago? I don't know what the business case looks like with a lower DFS number, but if the financiers don't like it at $2260, they won't like it as a lower price.

Perhaps someone has another positive outlook, which needs articulation.