Ann: Manuka Debt Facility Refinancing and Silver Production updat, page-13

silver is the widow maker because outcomes are almost entirely down to spot price - esp for a smaller volume player. its so much great in volatility than gold - an operator in good standing one year can be cut in half the next

cobar was folly - went into production right at top of the spot price cycle

mkr is the 3rd buyer of the hotel - so to speak

outside the jury rigging around mt boppy - which imo was mainly aimed at time filling til silver broke much higher

i dont disagree that the ipo was laden with overpromise that mgt has struggled under expectation thereof - but that was always obvious.

backers are financially smart opportunists not super production managers and geos - those only get employed once listed

but the pros far outweigh the cons because its the timing of the business entry vs the spot price cycle that is crucial - and this one has been minted superbly well in terms of timing

the constant critiques from fundamentalists are valid but largely small minded/from a very limited vantage point

in the game within a game within a game - you need to understand you are dealing with cowboys - but very savvy and wealthy cowboys. they generally dont get that way by chance

the one proviso against all that is where their spreadsheets etc fail to understand a mission critical real world issue like say when ore proves refractory or reserve reconciliation is totally out of whack

but to this point - the misses have been predictable minor flesh wounds - and the upside

if you are condemned to play the on-market investment game rather than the insider pre-ipo one - this is about as good as risk/reward gets in whhat is a super high risk/high return space - if you care about whether you are in an actual miner vs an explorer/developer

but if you arent a silver spot price bull - you need to get out of the kitchen. because its outcomes rest entirely on silver spot price

small scale silver miners are not steady state buy and hold investments - and even 2Mozpa would still be small in terms of potential volatility of the aisc and so mine margins