If we look at the initiation coverage report and make the...

If we look at the initiation coverage report and make the following changes to the base forecast:

* Increase Zn grade to ~3.2%
* Increase long term Zn price to ~$1.40 -
* Increase recovery to 60%

My simple maths against that valuation report would lift the share price target to following:

* Zn price adds ~40c (as per report sensitivity table)
* Recovery increase ~29c (as per sensitivity table in report)
* The increased grade, will have similar impact as recovery above - ~29c

Therefore on a like-for-like basis the SP target should lift from $1.20 to approx. $2.20.

I don't have the excel file behind this - I am just going on the sensitivity tables that were in the report published on company website.

It will be interesting to see how research coverage picks up this stock and moves the SP up accordingly given the new set of facts.