Ann: Down Dip Continuity of Very High Grade Zinc-Lead-Silver, page-81

Re the macro picture, outlook for base metal prices etc, some time ago I decided to stop worrying about this. No one knows what will happen to the world economy, metal prices, gold price etc in the short/medium term. Rather, I decided to focus on (i) commodities that I believe have a bright future in terms of demand eg. Cu, Ni, Natural gas and (ii) then look for investments in those commodities that have a real and sustainable competitive advantage i.e. high grade, low production cost and capital intensity, low sovereign risk etc. In this regard, I believe that PEX will prove to be a standout, with what I believe will turn out to be a high grade and very globally competitive base metal resource at SN. If this turns out to be the case, the macro picture is largely academic, as the world will always need at least some Zn and Pb and PEX will be near the front of the queue as one of the lower cost producers globally. DYOR.