Thought I would post one more spreadsheet for comparison between...

Thought I would post one more spreadsheet for comparison between MMA & SVL, only because their resource valuation today is similar, albeit one is open pit and the other underground. I have seen mention of the upside in SVL as the silver price rises and begins to outperform gold and other base metals.

I have selected $40 for silver and $2400 for gold which is 60-1 ratio. The base metals are harder. The outlook for zinc is bearish and lead stable whilst copper has a 25% upside. I have seen $2600 used in feasibility studies for lead in the last 12 months and over $3000 for zinc but the analysts have a lot lower prices especially for zinc due to a forecast over supply and to put things into perspective, RDM did a scoping study on the MMA project back in 2016 and the lead price used was $2600. 8 years later and lead has still not attained and maintained those dizzy heights. I plucked an USD/AUD exchange rate of 70c just because it was a round number.

What the spreadsheet shows is that SVL with its higher silver resource outperforms MMA as silver outperforms gold and the base metals. I have a purple column separating todays valuation and the future price valuation and have highlighted with white arrows where valuations begin to change.

One area that stands out is the Metal value per MRE tonne. SVL's per tonne valuation increased by 36% compared to MMA's 22% because of its larger silver resource highlighted in the purple column with a green arrow. So, as the silver price increases, SVL becomes a lot more profitable in comparison to its peers.