Ann: Excellent PFS for Galena's Abra Project and Maiden Reserve, page-36

I am not sure why we are having this discussion about discount rates since the 10% NPV value was supplied by G1A in the DFS.

Looking at the payback period of FYI (3.8 years) and the technical complexity of their process combined with the opaque market for HPA and I would be worried 10% is far too low. Unlike lead the raw material for HPA (kaolin) is not is short supply and I find it hard to understand how the prices for HPA won't just fall to the marginal cost of production overtime. If I was a bank I know which project I would want to lend against.