Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-50

The 10M oz of silver at 100g/t is in the IPO. The average over the deposit is ~42g/t though I think that was revised upward recently. Either way I believe MKR see themselves only mining silver for 5 years if silver price remains low or unless new drilling finds something interesting.

If MKR deliver what they have been for the last year then they will have 3M to 10M in cash, and no debt by end of 2021 after they finish the gold mining. I give the range just because I think gold price is going higher fairly soon and even a small increase in gold price will have a big impact on how much money they make. If gold price stays the same it will be around 3M. So that is a first for the company since IPO to be positive in cash and no debt as they move onto the silver.

I think if the MKR operating situation looked more positive to the layman then the price right now would be over 50c. Thankfully the price is fairly low right now and those shares that came out of escrow that are being dumped are barely making a profit (and obviously causing a price suppression). But I see that as a good thing right now. Of course we all have different risk profiles and timelines so what makes sense to me may not to another.

There is a fair amount of negativity attached to silver miners right now due people who bought at much higher prices seeing nearly all of them collapse but I think there is a widespread attempt to suppress silver miners and not just in Australia. When it comes to silver it is hard to make a better case for MKR since its price has been smashed and won't go much lower than this due to the escrowed shares sell point. We have to thank the bots trying to shake MKR lower and getting them to sell right now at this low price.