Ann: Excellent PFS for Galena's Abra Project and Maiden Reserve, page-29

It is a bit unlike plough to be like this about a PFS as he usually provides a useful perspective.

The banks will be falling over themselves to fund this because the capital costs are relatively minor compared to the cashflow (this is not some huge laterite Ni/Co project that needs a billion dollars upfront) and lead is such a stable priced resource - it hasn't fallen below US75c/lb for the last 9 years. About as close to risk free as it gets for a resource project.

The project is also exposed on the price upside - a 10% increase in the lead price (back to the average over the last 18 months) translate out into increase in the NPV of $150 million. Abra is a Tier 1 project in a Tier 1 jurisdiction priced as though it is a marginal resource out in the middle of the Congo.