Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-48

@happybear45 where do you get the 100 g/t Ag product once the stockpiles have been processed?

In the recent posts I have seen a figure of 10 Moz of forward production at 100 g/t but when I look at the recent resource statement the average grade is sub 50 g/t with the exception of the stockpiles which look to be the highest grade material. That's not to say there isn't a higher grade component within the global resource but I haven't been able to find it. If anyone can point me in the right direction I would appreciate it.

Also as a rule it worries me when companies talk about the replacement value of a mill. At the end of the day a mill's value is its utility to the company and its project. If the project is unprofitable (or marginal) the value of the mill reduces significantly towards its salvage value which is usually a small fraction of what it costs to build. "Replacement value" is a deceptive term.

As I see it MKR is a high risk high reward speculation on the silver price going forward. With just $1.5m in working capital to fund Mt Boppy to conclusion, service the existing $15m in debt (yes the terms have been revised favourably) and then transition the operation to the processing of silver stockpiles. This seems a tad optimistic for mine.

I like MKR as a speculation vehicle to play the silver market but wonder whether the current circumstances represent a reasonable risk/reward situation. You would ideally like to see a stronger balance sheet with more working capital. At what share price this occurs at is anyone's guess but it will in all probability involve a capital raising. As @goldbear77 mentioned it is the circumstances in which the capital raising occurs which is the most important factor in determining whether the outcome is detrimental or benign to existing shareholders.

Again any thoughts would be much appreciated.