HRR - Updated NPV calculation, page-55

Zn is tracking higher than DFS modeling iirc, not so sure about fx, cu and ag.

Also keep in mind, this is not the first time a restart of woodlawn has been attempted, it’s a challenging project with many development risks

The capital cost, underground restart and underground feed to tailings feed transitions are all big risks for me.

I see HRR as fully valued, and even further scope for correction - particularly if zn continues to soften into peak production (2022?)

Exploration needs to come to the party to see a significant positive rerate from here