Ann: Heron receives Assays from recent drilling of G2 Lens, page-13

Metal prices have already risen above projections from the restart study. Zinc (which accounts for half LOM revenue) is up 44%. This alone would increase revenue by 21%. Factoring in current metal prices would add $60M to the bottom line.


Admittedly higher prices are off-set by stronger than expected AUD (10% higher than projected). According to the company's sensitivity analysis this would reduce revenues by approx. $50M were it to remain here for the duration of the project.


While there are swings are round-a-bouts I feel HRR is in a better place than when the restart study was drafted. Its particularly under-valued at these levels if one sees (as I do) metals (and particularly POZ) maintaining value and AUD weakening 2019-23.