Directors buying shares, page-205

To explain why. When I calculate the enterprise value of MKR, at the suggestion of @goldbear77 , to which I agree, and using the estimate provided by MKR. I add back into their cash reseources the replacement value of the processing plant of $100,000,000. They have net debt of $8.5 Million so that gives them a net cash adjustment of $91,500,000 -

You can see the computations that go into the graph below.






I have just revisited the share structure and noticed that MKR has options exercised and in the money since my last calculations. The options came into the money at a share price of 25C - which has happened quites recently - you blink and you miss things.

The updated calculations assuming these options are exercised then show the EV/Silver Oz of 0.39c. The computations are -


MKR is good value because you are getting access to functional plant, mining camp and other infrastructure with a replacement value of $100M. Like all investments all other factors need to be examined too. Years of production available, exploration potential etc. etc. The debt has been something that has weighed the shares down, but for the time being re-financing is in place.

I will have to update my graphs.

V