Ann: Updated Mineral Resource Estimate, page-44

Agree. From same source:

- 12mt @ 626g/t Ageq (tons up +53% but grade down -33%)

- New drilling that caused grade decline likely from outside the high grade and in the halo. High grade ore still there, but new ore is lower. High grade likely to be mined first (+ for NPV, IRR) and then halo ore for mine life extensions.

- Average grade (blending high / lower ore) is 7g/t Aueq or US$330 t (I am assuming that this $/t figure takes into account recovery % and payability otherwise it is too low - i.e. 7g/t Aueq x US$2,000* oz = US$450t). *ADT input price.

- Changing from 0.6% Zn to $50 oz Ag cut-off is an increase in the cut off grade thus reducing ore inclusion vs. previous R&R.

- Additional high grade ore now has a higher category of confidence which in turn allows inclusion in PFS. This is positive for the PFS numbers vs. SS

- Marketing change from Zn to Ag deposit ("Rupice / Vares Silver Project"). May attract Ag multiples vs. Zn multiples if marketing change is effective

- Market has overreacted

Cheers
John