Ann: Quarterly Activities and Cash Flow Report, page-54

Pre Feasibility Study (see 14/06/18 announcement)

NPV = Net Present Value, and is the theoretical value of the project in todays dollars. Apply a risk adjustment to this NPV, and that final value should be reflected in the market cap. In this case, as ~80% of revenue will come from silver, the NPV is highly leveraged to silver price. Silver prive needs to be ~$20USD before the NPV is positive in this case indicating that the current Shareprice has factored in a silver price of about $27/oz to end up with a risk adjusted NPV anywhere close to the current mkt cap.