Up 100% in month will always pull in punters chasing momentum. Buy first ask questions later, but have no idea what they've actually bought or whether it's expensive or cheap.
With a $37m market cap today, less cash of around $5m, $32m is not much for what looks like a high-grade resource. Keep in mind there are only 55m shares on issue.
I look at it this way. 10% lead and 1.5% zinc works out to be roughly A$380 of metal per tonne of rock. Of course some grades were higher than that, but just sticking with round numbers for the moment.
Of that A$380/t deduct recovery losses and payability from the smelter and you're at around $310/t of recoverable, payable metal.
Underground mining is say $75/t, processing ($30) admin ($10) and transport ($20/t ore) = $135/t
= a margin of $175/t or 56%
and I've missed the silver.
worth a punt I think.
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