Ann: Investor Presentation, page-6

BO putting a circa 25% increase on NPV potentially with increase in metals and much reduced length of underground mining model.

THATs just for appetizers.

Was going to email AM on the lead supply/demand situation, but no need now.

They r fully cognizant of the demand situation as well as potential supply problems. The Wood Mac report may well be conservative in the short to medium term given stockpiles r rocketing down. It seems G1A r fully of the belief that this DOES hold significance as they r in contact with consumer offtakers.

As u guys said why would Toho sign up an mou that looks like it should play out.

If the case with the supply situation we may well see a supply chain shock of sorts and a spike in Pb price. But things r seldom that easy with the LME being tied in regulatory knots atm.

What I do like re the value of this company is the potential for much higher value with another 25% on the NPV which is probably why BO have put an upper on it of $1.00 !!! THAT could go higher again by 20%.

Jmo

Looking damned good tho

Gr.