Ann: Quarterly Activities and Cashflow Reports, page-37

As usual, thanks MN for this very valuable insight.

How easy or how difficult is it to break this hedging agreement? No doubt there will be a penalty fee but since NCZ is losing a massive amount of money with this hedging in place, it might make a lot of financial sense to remove / amend the hedging agreement. What are your thoughts on this? Is this possible at all?

And more generally, where do you see the sp one year from now, everything being equal, i.e zinc price remains at these elevated levels for the coming year and production hover around the 140kt pa.

Thanks.