Ann: Record Performance for July expected to continue, page-20

not at all

bowden's has an amazing low waste ratio + some fractional lead and zinc credits - so its margins are notionally a bit better than you might imagine

+ now showing real signs of quality at depth



but - svl trades where it is with basically zero capex down. and capex is implicitly a marginal cost per tonne.

mkr is easily the superior risk/reward play if you expect bullish silver prices over next 6-12 months

but mkr demands you make that bet - because its got high opex staff etc that have to be paid

which is why loved developers often trade better multiples than early stage miners - at leats til the miners prove themselves and or metal prices go their way