Ann: SSR ACHIEVES 2021 PRODUCTION GUIDANCE, OUTLINES 3YR OUTLOOK, page-4

I reckon SSR will show a net cash position getting close to US$650M at end of December. They received $33M in October from EMX Royalty and could have net cash build from Operations of US$100M+ in the Quarter. No purchases were made under the buyback program in the Dec quarter.

So that gives an EV of US$2.9B or A$4.1B. What stands out even more when compared to EVN is how little major capex SSRM has to spend this year. EVN, NST, SBM etc all have big capex commitments whereas SSRM can maintain current production with minimal capex for the next coupe of years.

US$35M is due from Endeavour Silver in the next few months for the Pitarilla deal, and then they will have US$70m in EMX and EDR stock holdings.

Management has been very methodical in rationalising and monetising the portfolio. I think the next step is for them to do a deal for a new asset by the end of 2022. Something in North America is my feel - Liberty Gold is a possible takeout candidate or there are a few other decent projects in Canada.