Unfortunately I think your basic assumption on leverage to the...

Unfortunately I think your basic assumption on leverage to the silver price is flawed. You are saying that because so much of BML's value comes from by products i.e. lead, that this makes it more leveraged to the silver price where in fact the opposite is true (this actually makes it less leveraged to the silver price).

This is demonstrated by PhillW in his thread on MMA (resource comparison thread) where he demonstrates that in fact BML is the least leveraged to the silver price. He correctly points out in fact that it is IVR which is the most leveraged to an increasing silver price.

I will point out one error in his assumptions though. Whilst he assumes that IVR's resource is 87% silver (which may be true on the face of it), he fails to recognise that the PFS did not take any lead by product into consideration and was based purely on the recovery of silver. Therefore it is even more leveraged than he assumes as 100% of the return in the PFS is from silver.