Further to the conservative nature of the valuation,
Valuation assumes an extremely low 46mt mining inventory. There's circa 15B POUNDS of metal or 71mt, of course not all measured but definitely there.
As i mentioned before valuation assumes 500m capex @ 30% new equity at current prices 0.10 - 0.12c for $150m, that's massive dilution.
This research report/valuation is written to allow for a significant upgrade to valuation.
Still way undervalued relative to zinc price, page-19
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