Ann: Annual Report to shareholders , page-3

Sorry, but not impressed (neither was the market). Were told that $9m has been secured for the secondary smelter and that management is optimistic that the remaining $3.5m will be available in the next 6 to 8 months. It's like you want to buy a house, but can only get a mortgage for 70% of the purchase price, so you hope to come up with a second mortgage if given a bit more time. Seems like the project is borderline, and we have to wait for Pb prices to increase by 30% to justify the investment?