market depth, page-8

Hi Scott,

Silver is UNHEDGED at this stage.

I talked to BJ a while back and we mulled over whether EVG would hedge or not at these high prices.

At this stage I am not aware of any plans to hedge.

You're right though, 600k oz pa silver production is material to EVG's LL profitability.

The NPV model uses $20 oz for a total of 3.9m oz production over 6.5 years ($78m revenue)

Given the current price is circa $28.30 (AUD=USD) then the NPV upside is already $32m for silver alone!

At todays close (16c) the MC of EVG is circa $80m. The silver upside ALONE, using spot prices, for LL is 40% of the entire EVG market cap...!!!

... to say EVG is undervalued is an understatement!

Cheers
John