TC impact, page-11

The previous CR was at 33c in Aug '19 - Sept '19 quarter guidance was 23-29kton between US$0.95-1.07 with share price then around the CR price levels.

Now plant is ramped up, spending on upgrades coming to an end, current quarter guidance from 31.5-38.5kton between US$0.73-0.82 with TC's tumbling. Current zinc price around U$0.9, successful current CR at 15c institution placement with assumedly successful retail offering. Current share price in the money for 2nd CR.

It'll be interesting to see what the quarter beyond the current one will deliver. With probable higher output, lets see how markets react - one would think the previous CR levels should be at least reached and in time somewhat surpassed.

Not all went to original time and metal recovery plans but surely on the above metrics one would think this is somewhat under valued at these levels. AIMHO