Im not against some rigourous cross examination... in fact I am...

Im not against some rigourous cross examination... in fact I am all for it

But I really see little merit in picking BML specifically as at dilution risk vs it's peer group

There is a reason why silver stocks and silver generally is described as a widowmaker trade - for the past 50+ years the stocks have been treated largely as trading sardines - picked up when silver breaks thru key technical levels but then sold for fear of precisely what has happened since Aug 2020

That lends itself to ongoing dilution risk for all pre-cashflows - but it is not materially different whether it is a silver, gold, uranium, liffium etc

Its why I sold all my BML at 70-75c equiv back in early Sep 2020 - but that was a trading view - no comment on the project or company

Anyone with long experience of precashflow mining stocks is aware that innate project superiority isnt always a defence to the sp if a bear market persists long enough

But better projects perform better during a bull - and actually have viability to mine if a metal moves to a sustained higher base price - which is basically what all the silver (and gold) bulls were expecting to occur in 2020 but didnt when the US cancelled CARES act 3 then put their M2 money creation in hard reversal with QT (EU and to a lesser extent Japan followed same approach) as they sought to stem the cpi breakout


The real question - outside of better IR on the stock's specific merits - is not how the stock got here.

It's whether
a) now is like Mar 2020 - ie is the sector about to go again, and then
b) if it does - will silver (and lead) move to a sustainedly higher trading range

If it does - then it is about picking good horses for a) trade or b) long term hold

And one merit BML had at these prices is it again is it is cheaper than SVL and IVR - which are generally the 'developer' peers people focus on




All these stocks face that continued dilution risk. (These numbers dont factor the recent raises by ARD, BML or IVR) (Note that all my numbers for EV assume all options are issued and the money added back to cash)

RDM/MMA is arguably not a straight comparative because its resource is mostly sub 200m depth - whereas all the others here are

From a trading perspective - you are getting cheaper silver per share in BML - and from a long hold view - it is a much more realistically viable mining project than the others here because its value per tonne of dirt is much higher.



Generalists tend to focus on grade of silver projects because of a false truism - the 'accepted wisdom' that higher grade projects are safer and more manageable through all points in the price curve once up

But grade is largely only a proxy for recoverable metal value per tonne of mineable reserve (though theres more to it)

or another way to put it is in gold equivalents



of course - get to a high enough silver price and these things change somewhat.

SVL's Bowden's at high silver price will be a cashflow generating behemoth - because of a v low strip ratio in particular.

But it is also much higher risk than BML because it will be exposed to the extreme volatility silver always displays and high capex.

I wont say BML is the best pick out there etc. Its high capital intensity bc of the lead and the throughput size they are pursuing, for one. Sometimes small fish are better...

There is also a mrket reality that leaders do tend to lead cycle after cycle

But most of the criticisms Ive read are basically uninformed picking one stock to critique when 60% of its performance has been sector wide

They could and should have done better in managing the other 40% (But equally they have been disciplined with capital for eg. )

But that just makes for a better buying opportunity/likelier to outperform IF you think silver is about to move to a new price range - or I suppose if you are a lead bull