HZ's mine production ramp-up to 1.2mtpa (v/s 907kt in FY17) is on schedule. The production run-rate is likely to be achieved in any one of the quarters during FY19 itself. This makes us more comfortable on our estimates of 1.05mt for FY19 and 1.16mt for FY20. There is a possibility of some upside in FY19. As the mix of silver-rich ore increases, silver production will increase at a faster rate. With the commissioning of Fumers and ramp-up at SK mine, HZ expects silver production to increase to 700-800t and ultimately to 1,000t. HZ has strong focus on enhancing Reserves and Resources (R&R). Exploration activities are intensifying further, encouraged by the findings so far. HZ is strengthening its exploration team with the best in the world. Exploratory drilling is likely to increase from 70km in FY17 to 200km in FY19. R&R has increased from 146mt in FY04 to 404mt in FY17 and the plan is to increase it to 550mt. Strong focus on enhancing resources has ensured mine life of more than 30 years at any time despite 10-fold increase in production in 12-13 years.