Go Lead (Pb), leave 'em for dead., page-51

Current tabulated pricing update for Sorby Hills, inclusive of the all important sensitivity analysis ballpark % change assumptions (below). I think you were underselling it a bit @touquoy.







As always, lead (and the fx rate) is the main story. Importantly, below is what happens to the revenue if both lead and silver reach +20% DFS price assumptions at current spot prices & FX. Lead ends up generating 580% more revenue than silver, at a whopping additional ~A$1.5b bonus revenue, compared to silvers ~A$259m. Lead is significantly more leveraged, and from current spot prices, there needs to be further lead price increases to yeet profitability and to secure favourable finance. Silver is incapable of doing this unless the spot price goes north of A$270/oz, for example, to match leads revenue. Again, it is no where near as leveraged as lead.



As has been pointed out (and conveniently ignored), there is currently a large glut of lead, LME have indicated they are at the highest inventory levels in the last 11 years. To its credit, lead has held up well over the recent weeks, however these headwinds can not be ignored.

~ Lead needs to leave 'em for dead.