Ann: Strong Maronan Resource Review and Maiden Indicated Resource, page-28

@PhillW

I do some things differently.

1. For all companies I look at equity interest of all ounces in the ground. In a bull market the companies increasingly get valued by reference to the ounces in the ground. So if you include MMA's Copper/Gold deposit, which I believe you should, you should also include BML's ZInc/Silver zones in Sorby Hills and Manbarrum.
2. I use the $1.50 USD Ag Eq as this seems to be the way its done for multi-metallic deposits. MYL used to note some it its presentations, TMZ had some listed too. If I can find them, I will post images. I do not see an issue with you using a different value for Ag/Au and all other metals. But in the end the combo is usually expressed as an average of the two.
3. You could also use averages of market valuations on a Ag Eq basis in US and Canadian Markets - but without a subscription to a service its really hard to do. That is why I have just chosen a couple.
4. The takeover multiple is Valuation divided by MC or EV. I prefer EV, but some people get confused by the EV number so I have done both.
5. It gets difficult to cut and slice IMHO. Some investors only look at high quality resources and then either only include RESERVES not resources - this would excluded most Aussies as only SVL and BML have declared RESERVES. Others only look at Measured and Indicated Resources, so this puts many behind the eight ball, even MMA.
5. I do not mind the way you do your numbers, I just have a different approach.

It is good you do things differently, because its good to know on what measures the, say, top 3 compare. If you invest in the top 3, you have a better chance of bigger multiples (on those measures only) As always people need to do their own research on each company and project.

On your measure you get MMA ARD and BML in the top three and so do I.

V