Back in early 2022, one of the twitter silver writers published...

Back in early 2022, one of the twitter silver writers published a spreadsheet showing the North American valuation for silver equivalent ounces for all of the silver stocks he followed. The average was US$2.28oz for inferred and US$5 for measured & indicated.

I selected US$1.50 because aussie stocks are unloved and did not get anywhere near the Nth American valuations.

The two main stocks on the ASX that had the highest valuation were SVL & IVR. On the 1st Feb 2021 when the silver squeeze occurred they were valued as per below;

SVL A$1.40 per silver equivalent oz
IVR A$2.36 per silver equivalent oz

IVR was valued at over US$1.50oz but SVL was valued at around US$0.95oz. I suspect the reason for IVR being valued 50% above SVL was partly due to the fact that 87% of the resource contained silver compared to SVL's 50% and the fact that IVR's silver grades were 3x SVL's. Also you need to add the silver hype as silver approached US$30 for the second time in 4 months and the belief that the silver squeeze was going to destroy the shorter and silver would be orbiting Pluto.

Since then, SVL has diluted its share capital base by 40% compared to IVRs roughly 20%. SVL is a lot larger operation and requires a lot more money to get things completed.