Ann: October Investor Update, page-4

i ran some numbers, which were OK

at 110,000tpa plant, AUS$2M CAPEX, US$1.50/lb zinc, 25% zinc smelter charge & US$0.50/lb opex, 37.5% tax including royalties & govt charges, it can earn AUS$12M pa

in addition, to buy out the remaining 50% holding at 1.5 cents & raise $2M working capital at 1.5 cents per share might result in 1,400 million shares on the register

this has upside to 6.5 cents on PE multiple of 8

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this might be the worst case. the big question is buying out the remaining 50%; when; at what share price to raise the capital or issue the shares