Ann: January 2020 Production Update, page-13

Well its good to see production ramping back up at least...I've extrapolated Jan numbers over three months making a full quarter, have assumed all mined ore is processed and sold and based it on prices recieved for it various ores in the last quarter and allowed $2.5m for precious metals.

That would produce revenue of approx. $19m against an expected spend for this quarter of $22.2m which includes $3.4m in development and exploration expense...this quarters prices are down on last quarter average at this stage so will effect those figures unless they rise in the next two months, as will treatment charges for ZINC which continue to rise plus what the next two months actually produce and sell...the upshot is we are probably at best treading water at the moment so bring on Hillgrove...

Untill prices improve , mining throughput stabilizes at or above the current rate and we get a chance to have a crack at Hillgrove it's likely to be tough going for RVR over the next 2or 3 quarters IMO.

Cheers Whisky