Ann: Trading Halt, page-54

If things stay relatively "calm" globally, 50% certainty within 4 months. 90% within 2022.

There are a couple big events coming up that make things harder to predict, this war and potential escalations, diesel shortages, the vaccine drop in March and its repercussions. Exciting times ahead, make sure you have a decent amount of physical silver and gold regardless of your paper assets.

The $3 SP is based off silver price being ~50 USD avg in 2022 and the amount of profit that MKR will be generating off that price. The MKR silver stockpile contains 2.25 ounces per tonne and there are 500000+ tonnes to process, which equates to around 1.125 million ounces of silver. Say it is 1M because of recovery rates not being 100%. They have a better grinding circuit now than their predecessors so 85+% is on the cards. 1M ounces of silver will be produced by them by Oct/Nov and it costs about $30-35 AUD to process it. So 500K ounces will be "profit" right now, 17M AUD total at current low silver prices. The cost per ounce may have to increase due to higher diesel prices. They are going to need to spend a bit of that profit to reopen the mine.

Obviously every dollar silver increases from here increases the profit made on that stockpile and opens up a lot of options. After that stockpile they have 10 million ounces of silver at 100g/t, or 3.21oz per tonne. So they will eventually move on to higher quality stuff than they have in the stockpile but that also requires mining to get it out of the ground, so cost per tonne will increase compared to the stockpile.

To summate all this data simply. If silver price remains around where we are today they are going to scrape by making a profit, but they are vulnerable to diesel price increases. If they don't make enough profit from the silver stockpile then paying back the debt AND reopening the mine will result in more CR so they can get started on their larger 10M ounces. Although they could pivot back to gold if the drilling there comes back good.

If you think silver price will stay around current levels in 2022 do not invest in MKR there are better things to invest in. You probably aren't going to sink your boat by investing in them in this scenario but I wouldn't personally bother if I thought that. It is literally about MKR being on the silver and able to make extreme profits compared to current market cap *IF* silver price moves. That is the bet you have to make here if you want to multiply your money.