Ann: Galena Updates Resource, Reserve & Mining Inventory, page-2

Yes,that is part of what we are waiting for.

• Updated JORC Mineral Resource estimate (Indicated plus Inferred) at 5.0% lead cut-off of 37.4Mt at 7.5% lead and 18g/t silver

• Updated JORC Probable Ore Reserve estimate of 10.3Mt at 8.8% lead and 24g/t silver• 9% increase in lead metal grade in Ore Reserve and 7% increase in contained lead metaltogether with 18% increase in contained silver

• Revised mining inventory of 16.4Mt at 8.2% lead and 22g/t silver, compares favourably to mining inventory assumed for PFS:

• Approximately one-year extra life of mine vs. 14-years assumed for PFS• ~6% higher average lead grade over life of mine

• Overall ~169kt additional lead metal• Higher average silver grade and ~16% more silver metal• Revised assessment of Resource geometry and revised mining inventory model results in ~13km less lateral development than assumed for PFS

• Given the potential for the combination of increased metal and lower development metres to materially improve the economic outcomes of the PFS, Galena intends to release an optimised PFS in early-2019 based on the revised mining inventory