@matie001 very kind@ tuoquoy unlikely as we're not yet in the...

@matie001 very kind

@ tuoquoy unlikely as we're not yet in the price space on either lead or silver in terms of recent price averages to get that kind of outcome.

that doesnt mean it cant end up delivering those kind of real returns though

business studies typically use reversion metal price assumptions - so 12 month or other backtest prices for conservative bias

do a study in 12 months and your assumed lead/silver (zinc?) prices are higher so IRRs better but one year closer to metal price bull market potentially winding down

IRRs of that stature are extremely rare - hence why they trigger sp rerates (see Cerrado Gold on TSXV). Metal projects are very capital intensive - which is why LOM is generally the best bulwark to deliver high IRR/ROI

the gem in BML is that - while it doesnt look superb - its good enough to go now and it has a solid and lower risk runway

the art in metals is to have a project that can get into production before the metal prices sustainably pop

that way you tend to get lowest capital cost and highest economic return capture - so highest real world investment returns for shareholders

its crucial to remember that studies - as well and conclusively done as they may be - are just studies.

Only RL can show actual returns