Ann: Silver Mines Presentation August 2017, page-10

I can see the share price continuing to decline from here. They will need cash to get through to DFS/EIS, likely to be raised before the end of this quarter.

$150-200m is a BIG spend for the mine development, it may take some time to find funding, so a second capital raising (or more) is possible next year before they reach a state of being fully funded for development (assuming they make it to that point).

Does anyone have any views on what the numbers from the operation might look like?

e.g. they've indicated 2mtpa (in the presentation), maybe 50g/t, 90% recovery = ~2.9m/oz per annum. If we assumed other credits kept the cash cost to mine under $10 per ounce, then maybe it could be looking at $10 clear profit per ounce on a $22-23 spot price, $29m gross profit per year? Do these numbers seem like a reasonable guesstimate or am I completely off the mark?