Technical ReportIs it a coincidence that SRK Consulting seems to be a favourite consulting group of ArcelorMittal and Rathdowney engaged them for the Technical Report? Maybe.
They should be able to integrate the silver into project economics during the feasibilty study so that should give the NPV a nice bump. I doubt we'll see anymore drilling which means we won't see any official NPV increases due to resource expansion (the old PGI drill holes, although proven to be accurate by RTH twin drilling of their assays, won't be enough on their own to meet CIM standards) but any potential buyer can see the mine life and size of this resource is way larger than what is currently defined.
Current NPV is realistically a lot higher than the PEA states (silver credits, resource size) and in and of itself means this is potentially a very profitable mine even if zinc story doesn't pan out as expected and prices hover around these levels for the next 15 years. If the stars align a bit and give us substantially higher zinc prices in 2016-2017 then we're laughing all the way to the bank.
If they don't do anymore drilling, it looks like they have enough cash on hand to take them well into 2016 and potentially even ot the end of permitting. You don't want to finance when the treasury is empty though, so I expect we'll see another equity raise early next year - but it should be relatively small to carry them through an acquisition (yes please) or a financing phase.