Ann: Manuka Debt Facility Refinancing and Silver Production updat, page-21

for me, depends what I am after

bml is low dilution near term risk and cheap silver ounces developer (currently $1.15 EV per silver oz)

mkr is an even cheaper miner on the silver only net asset valuation basis but its a matter of whether gold/silver paper comex price does as it currently suggests and confirms flag breakout in the short term (42c EV per silver ounce - if i assume the Wonowinta mill is worth $100m)

the dilution risk as an mkr s/h only exists if gold/silver fail to breakout in terms of sp downside

- once a bull wave occurs any cr will have zero impact to sp - as we saw with IVR and ARD last year - outside of a day or two headwobble as cr participants look to soak bedwetter retail then push it higher

mkr is likely to re-rate upward at much faster pace if the b/o occurs as i expect

bml has a positioning and mgt issue thats likely to make it a laggard - but as ive said prior - slowerst to move doesnt mean end result is inferior

once leaders breakout smart players start looking for cheap ounces - both mkr and bml offer that in spades - but mkr has immediate revenue leverage and cheaper ounces with more silver. so its going to be among those to move first and fastest - if and when conviction buying comes for the sector

im not a long term 3+ year shareholder in PM stocks - if I was I may use different criteria

i consider all the things long term investors would consider when looking at which bets to take

technically mkr looks a banger here