Broker report for ADT, page-87

I will add this here where it belongs.



We are seeing a trend with these broker reports now. The figures they are coming out with are all fairly similar. Hartleys say 13mt is conservative and a taste of what's to come, when including Veovaca at average 14% ZnEq.

The last one from Tamesis partners who does a site visit says there is scope for ~10mt resource based on currently completed drilling as of a couple months ago, excluding Veovaca, with a 13% ZnEq average.

I think I'm not talking out of turn when I say if we are including Veovaca we are looking at a minimum 10MT resource which if we are lucky will grow as drilling progresses over 2019. That gives almost 30% of downside leeway in the above two broker report models, I would hope they wouldn't be out any more than that.

From the MJG capital report we can look at some valuations to peers which I recommend people take another read of to see the value a high grade 10mt resource should place us in relation to the prices of peers.