Ann: Suspension from Official Quotation, page-208

The big clue here will be EXIM imo.

As EXIM sounds like they are driving this (which is rightly so as potentially they are stumping up nearly AUD$1billion in loans) - and their requirements as posted by Ruthleessvillian above - this can only mean EXIM, IBG and the Equity partners are working off the same or similar valuation.

It can't be any other way.

So the 2021 BFS released in July shows a circa AUD$500mil+ NPV at a $1.30/lb Zinc price. Lets discount the subsequent 20c+ rise in the Zinc price to about $1.50/lb now and work on just $1.30/lb.

That would still be a 38c per share valuation or $500m/1.3 bil shares