ILT Chart, page-4

Still too expensive and trading at a premium. My major concern when going through the latest drill results is that the company is reporting in equivalency terms. There is no problem with this but when you look a little deeper the drill table shows that the contained silver is very low grade. Additionally the headline grades presented are an average of the width which can be an issue in reality when mining as the veins will be changing dramatically. As you can see in the latest drill announcement the headline average equivalency grade is 6m @ 189 g/t Ag Eq. from 207.8m inc which is an average and as the drill table is continuous its seems to be sort of cherry picked.
additionally the equivalency formulation uses assumed recovery %. This is a bit tricky without actual metallurgical studies. As it is a polymetallic ore it is obviously more tricky for extraction. So take it with a pinch of salt when you see equivalency

It would be great to see the management not reporting in silver equivalency.

Additionally, the management team seem to be jumping onto the next hot topic of the day to boost share price e.g. from silver to antimony. this is a bit of a red flag for me.

There are a few other concerns but I'll keep it short.

If there is some good rebuttal to my discussion points I'd love to hear them so I can change my thesis and learn and put my bet on..