Ann: Silver Mines Presentation June 2017, page-52

Well said renz. I think the SVL team has done a great job.

This is a play on silver. People who don't like silver shouldn't even be here. Hopefully by the time SVL has got a mining licence the silver price has adjusted to a much higher price, in which case Bowdens is enormously valuable. People can bag it all they want, but at the end of the day Bowdens is one of the largest undeveloped deposits in the world and in a strong silver price environment it is worth multi hundreds of millions.

Their planned production is 6m oz pa (from prev presentations).. it should spit out silver at about $10-13/oz. So assume an aussie silver price of $25/0z means like $70m EBIT pa for a long life mine.. 8x earnings? That's over $500m market cap. Point is that Bowdens offers huge leverage to the silver price, so if you want to play silver on steroids, SVL is the place to be.

Disclosure: I have a big parcel of SVL shares.