I do not expect funding and positive fid under current...

I do not expect funding and positive fid under current conditions. I wouldn’t expect it for ivr either. If conditions are still shite in 9mths I’d expect a small CR for working capital to drill/expand resource and tread water. Dilution and wasted capital no doubt, perhaps ~20%, and then you just have to keep waiting. That is my negative base case.

positive base case is a personal belief that PMs including silver will have a sustained run in the next 6mths and sector will see an influx of capital. BML is Australias nearest term silver producer, good mgt or ok mgt, it will see a lot of interest.

investing for the positive but can handle the negative

nobody should be investing any money into this without acknowledging it is high risk, but again I say this is a shovel ready project with 370M NpV cashflows (excluding planned updated MRE) currently selling for 10M? Who else has a DFS with a 35% irr that can say that?