IRL worth when Aravalli ML granted, page-2

Agreed.

Further, an announcement re project level stake in Aravalli and announcement re $200 million funding will add certainty and push valuation up.

Drilling and shoring up a JORC and expanding the JORC up to 500 million tonnes lead zinc at 6% to 10% would see Aravalli having the biggest lead zinc mine in India I believe. One of the largest in the world.

That is worth remembering if IRL pull it off.

Remember that HZL Sinsedar Khurd has $billions of dollars in silver in ground as well. So Aravalli will have silver too. Just depends how much

Aravalli is over 2000 hectares. HUGE. Dwarfs HZLs Sinsedar Khurd.

There's continously lead zinc from Bamnia down to Dariba. So no issues with lead zinc deposit.

Some of the things holding the SP back are:

1. Lack of funds due to Surda shutdown
2. HCL non payment
3. General uncertainty and fear of anything India related. Sovereign and regulatory risk.
4. No approval of ML since 2008
5. Funding uncertainty.
6. No JORC

all IMO