Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-58

AG is what it is bc of larger output so operating leverage vs most peers, positioning into a formative bull that got it high up the % allocation in SIL/SILJ in 15/16 that its kept and bc Keith is a strong frontman who's views chime with PM bulls so the stock gets relative bid during bear phases

the self minting is not a major facet

MKR doesnt have that kind of operating leverage to attract the globe - very few places have that potential for multiple silver ops like Mexico (though AG increasingly gold)

That said MKR is great leverage here for the coming bull - precisely because it's running lowish grade material with an AUD backdrop

but as i said last year - that leverage is extreme and cuts both ways - which is why MKR is priced as now

In next 4-6 months I expect USD gold to hit $2250 and Silver $US50

While i shaved MKR holdings progressively during the bear - purely bc its higher mkt cap vs most asx 'peers' puts it at greatest % risk - Im 20% underwater but supremely unconcerned

You guys waste time talking bottom up when 90% of performance of PM stocks is correlated to the top down wave of PM demand during bear phases

Which is why I dont post to HC much

Posters are intellectually compromised - unwilling to accept obvious facts

Stock specifics differentiate during bull phases. Or big changes like discoveries can shift things during a bear.

But MKR is basically same overall story people bought at IPO

And if nothing big changes FA wise - all stocks correlate to 1 in extended bear phases

same as in broad equities, crypto etc

not to say self minting isnt a worthwhile discussion

just thats its largely irrelevant to the source of disagreement - which is the sp