Ann: Strong Maronan Resource Review and Maiden Indicated Resource, page-34

Companies with more than one project are hard to value. One thing for certain is that they will never be valued on the same metric as their primary project until those projects are in operation or the commodities markets are in the final stages heading into a blow off top. That is why I do not count Manbarrum.

Now if BML was to start drilling and upgrade a portion of the resource to indicated with plans to blend the zinc into Sorby Hills mine project, then that is another matter. I think BML should seriously be looking at just this with the lead stockpiles at 11yr highs and the lead price trying its best to remain above $2000/t.

One of the gold/silver bugs on "X" posted a table in early 2023 where he only tracks the PM's of various silver companies but come up with average EV per oz of silver for measured & indicated and then for inferred. I have posted that table below. One thing to note is that the stock prices for most of the companies mentioned is 30% lower, so take these valuations with a grain of salt in todays market. I have also included the table I created for the stocks on my spreadsheet. Abrasilver has just released its updated mineral resource but I have not got around to adding the M&I figures but the rest are up to date.

You will note that the medium EV for M&I silver ounces was US$5.35/oz 12 months ago. The medium EV for inferred silver ounces was US$2.36/oz 12 months ago. These companies are listed on the TSX and Canadians love their resource companies. The ASX will eventually play catch up but that will probably only occur when the Nth American valuations are percieved to be overpriced and the gold/silver bugs start looking for projects elsewhere. If you haven't watched Crescat Capitals latest video I suggest you do from the 50min mark. All about silver and MMA gets a mention once or twice. Still no mention of what they think of the resource update. Crescat is really big into silver and are on the hunt for more silver.

Maybe the capex that MMA needs to have so that they can firm up an aggressive 2024 drilling campaign could be fully subscribed by Crescat at a good price (30c???). MMA needs to get the entire starter zone in the indicated category at a minimum before they could even think about a PFS.

With regards to the tables below, something similar could be done but include base metals on a different metric.