Ann: Quarterly Activities and Cashflow Report, page-14

When PLS was 80c early in the covid bounce I rounded up all the broker reports. Average price target was about 45c at the time, as the reports hadn't been updated since before some positivity had come back into the market. Now they're all scrambling to keep current upgrades to stay in their good books for the corporate advisory fees.

Brokers always play catch-up on true value, so an 85c target would just be the highest they'd go without someone calling BS on the whole thing. They put in a valuation that's been heavily discounted for risk and a 'target' that sounds plausible in relation to the current price.

As the risk is removed, or the price rises, they can increase their valuations and targets significantly. The metallurgy reduces risk, the offtakes will reduce risk, the funding will reduce risk, and finally - good quarterly production reports.

Drilling won't do shit, as its still just a deposit, albeit slightly bigger, unless it materially changes the outlook. This is all about ticking boxes for bigger investors who will soak up all the little retail players and stop this fluffing around on the daily silver price fluctuations. No reason to think those boxes won't get ticked, so fundamentally the story remains strong regardless of the day's share price.