Ann: Vares Silver Project Video Update, page-34

A further consideration is how much of the cash flow from this mine will be directed to developing other projects.

Experience tells me further expansion/ new mine development is great for long term value (as long as the Board are good at timing/ finance/ and picking winners) but will impact returns to shareholders in the early years (2024-25) which in turn often holds back share price in those years. While it would be great to see up to 3 times current SP in 12 to 24 months this might be a little ambitious unless there is a t/o offer.

Not intending to suggest this is not good value at current SP. Actually surprised that SP dipped recently and see current prices as attractive. Expect 2024 as a serious re-rating from the market.

All IMO DYOR