Last 12 months

Lets assume they come into production late July, as indicated – Lets look at what they’ve achieved since July 17 when they listed;

- Negotiate world class asset negotiated for 'hand shake' terms
- MMG provide $46.6M for re-start, including standing behind $193.7M financial assurance bond.
- Increase in recoveries (64%)
- Measured Resource of 79Mt achieved – 2,600,000 tones of zinc!
- Untested drilling outside of the original Century pit
- Key Development Appointments
- Raised $53M at $1.20 – significantly oversubscribed
- Feas Study - $1.76 billion in after tax at conservative $1.25 per pound (trading today at $1.42 per pound)
- 5 Long term offtakes
- Long term gas supply
- Raised $40M at $1.15 – significantly oversubscribed
- Dredging of Karumba Port
- Absolute transparency in operations with SRK independent technical review released
- South Block Operations approved

Plant approaching refurbishment, pipeline approaching commissioning, port approaching completion and we are yet to tick over 12 months, with substantial exploration upside.

Seriously, impressive job by Pat and his team. Now for the cashflow.