how is it possible, page-9

Hi Jandimot,
I recognize you are a holder of AYN so it is good to hear your view.
You say: "Don't get too hung up on differences in resources/reserves."

Is that because CCU has approx. 3x the resource, with an upgrade to come?

You say: "they haven't confirmed the terms of the debt finance yet."

Have a look at the announcements. At the current silver price debt will be repaid in approx. 7-8 months.

Have they hedged 30% of production for three years or not?

Correct me if I'm wrong but I don't think management are that stupid. Look at the long term futures for silver.
AYN wasted $1.5M on what I consider a needless hedge: "Put Options at a strike price of A$27 per ounce covering approximately 770,000 ounces of silver production from the Twin Hills mine. The total cost of the Put Options was $1.5 million."

You say: "AYN have everything in place, and should have poured first production by now. CCU haven't got a ML, or a mine, or plant etc. etc."

CCU have DA approval, have started works and process plant construction, prestrip in October, with first pour due in December. Shallow free-digging open pit mining for 2.5M oz p.a. at a cost of $10.20/oz.
Just compare the resource and the profit margin; should more than make up for a 6 month head start in production, especially when you consider long term price projections of silver.
I have held AYN since it was 2.8c but recently sold and bought CCU due to what I perceive as better value for long term prospects.