The closest mine to compare with Aurelia's Federation, in my...

The closest mine to compare with Aurelia's Federation, in my opinion, is Adriatic Metals' Vares mine.

Adriatic's project is a market darling and is well regarded by institutional investors and astute commentators.

Both mines have similarities - polymetallic based on lead and zinc, very quick from first hole to development/production, similar throughput and endowment.

Aurelia's jurisdiction, along with terrain and access is far superior. Adriatic's shares on issue (share price) and IRR (134/77 - both are exceptional) are strong attributes.

Both company's production have zinc at ~35%, lead ~20%, silver and gold 20%.

Aurelia has significantly more copper opportunities, although not with Federation.

I would be very pleased for anyone else to make comparisons between these mines.

In short, this comparison confirms that Aurelia is so, so, so undervalued.