Charts, page-4

Interesting analysis, which unfortunately bears no relationship to the lead market.

"The project has kept improving and is more derisked than ever yet the sp has been on a slow decline and more recently has dropped through support. Once again holders are left scratching their heads..."

Maybe shareholders wouldn't be scratching their heads if they followed the fall in the lead price from ~US$1.03/lb in late October to ~US$0.85/lb by the first week of December (remembering that Galena's DFS assumed US$ 0.92/lb), coupled with bearish price outlooks from metals analysts.

At the same time, Treatment Charges (TCs) for lead concentrates rose to three-year highs for Q4, 2019.

It's not rocket science.....there is plenty published about the lead market:

https://investingnews.com/daily/resource-investing/base-metals-investing/lead-investing/lead-outlook/

Is it any wonder the share price is falling against a bearish background like the one described below:

“The biggest bearish trend this year has been a second year in a row of falling Chinese lead demand, hit not only by a broader slowdown in economic growth (not helped by US-Chinese trade tensions), but also due to policy changes in national standards for the automotive, e-bike and telecoms markets.”