Silver: The start of a bull run?, page-20

MMA has been the most undervalued silver oriented company on the ASX with a significant exposure to silver for some time and so good to see the response to the lift in Ag spot. They had a head start with resources when they listed as a result of exploration prior to the spin-off and now with Indicated resources, I am looking forward to the anticipated Scoping Study soon.
The stars are aligning well with this stock. Ag, Cu, Au are in ascendancy and aligning with their resources.

Based on the 31/12/23 cash & equivalents, I calculate an EV to Silver resource ratio of $0.3/oz. This compares with $0.67/oz for SVL and $1.3/oz for IVR, the two other principal exposures to Ag on the ASX (excluding ADT and S32, which are polymetals). N.B. I have ignored capital development costs for IVR and SVL in order to give an "apples with apples" comparison. I have also used a pure silver resource and not a silver equivalent resource.