Still way undervalued relative to zinc price, page-14

No problem mate. Received it by email today so thought I would post for those not on the mailing list.
their assumptions seem to be almost base case to me, especially with respect to the dillutionary impact of funding production, so plenty of upside IMO.

I did get a bit out of it too. Their take on the use of the glencore notes was of interest and almost in line with what I finally appreciated from my own investigation and i liked the underlined part in the which they explained for every 1c increase in the zn price per lb increases the valuation by 1.5c/ share.