Ann: Manuka Debt Facility Refinancing and Silver Production updat, page-26

thanks @GT55

think gc nailed it. mkr is basically like an old school mbo and asset flip - funders want the juice of the $1 purchase to ipo valuation ride and let someone else do the work.

mgt then gets hired to make it all sing - but there's usually a few or more than a few impediments between the math theory and cold reality

but even the best run producers are priced on spot price not recent actual earnings.

have a look at what happened to every aud gold producer over past ~6 months - all ot them were crushed despite having registered superb sustainable profitable operation, growing retained earnings and generally static opex - slr a notable exception

better quality lower aisc better mgt rep bounces back a bit earlier - falls a bit less - but its spot price first - quality and profitability a long second

given that - MKR mgt isnt an issue to me. I expect the actual ops people are simply working through the challenges methodically and get better as they go.

there is zero chance in my mind of a lack of funding availability - because the world is clearly screaming out for silver output and so near term viable silvers are always going to be viable - but operational quality will influence and size of vwap discount

but i hold and others likewise - because the risk/reward calculation is very good - even if there is a raise pre silver running up. the debt extension however makes that far less likely now - as does a rising gold price

the fact gold has broken above its flag upper high resistance strongly suggests we're in the middle of a rotation into gold and silver

Silver will likely lag then accelerate past. mkr with it

but nothing is ever 100% certain in equity investments. always keep a sharp eye to windward