Other things to remember is that the $25M cash-flow per annum...

Other things to remember is that the $25M cash-flow per annum (before tax) assumes 88% zinc recovery, 0.5m hangingwall overbreak and 95% stope recovery.

These are all possible, but very strong levers on net cashflow, especially overbreak in thin zones.

All you need is one problematic shear/structure right in the guts of where you're going to stope, and, if your infill drilling isn't spaced tightly enough, you'll be in a world of hurt.

Looking at the 15 hole infill program, toe spacing will still be in excess of 30m.

But I won't harp on about it. Everyone should be aware of the risk, and thus the reason why this is valued at 23c and not 40c. Derisking will only be confirmed with positive NPAT in their first operating half-yearly.