Hartleys Research Note IBG Speculative Buy

Ironbark Zinc Limited is developing the very large Citronen zinc project in
Greenland. The project has a higher grade resource (M&I) of 29.9Mt @ 6.6%
Zn and 0.5% Pb within a total resource (M+I+Inf) of 132Mt @ 4.0% Zn and
0.4% Pb. Due to the scale of the project (large production and long mine
life), the upside leverage to zinc prices is very significant.