Management Performance

For those people who like to complain about the lack of progress here, maybe they should think about it a little bit differently. Instead of thinking about what hasn't been done yet, maybe they should concentrate on what has. The silver price is finally starting to take off and we have a DFS due anytime soon. Miles ahead of any of these other wannabe explorers that have popped up recently, at just the right time in the cycle, and well ahead of where some would have you believe we are.

Could we have been further along the track? Of course, but personally I think Andrew has done the best he could with a limited budget in a depressed (some would even argue manipulated) silver price environment, progressing the project where he could but always with an eye on costs, trying not to dilute us too much, waiting for the inevitable rise in the silver price. What really was the alternative? To go at it like a bull at a gate, raising ever-increasing amounts of capital at an ever-decreasing share price.

You only have to look at someone like GLN at the moment to see where that kind of approach leads. Even though the lithium price was at the bottom of the cycle they decided to push ahead, even before finance had been sorted (come hell or high water they were getting it done). Just look at their share price to see where that has led, and the project still has a long way to go yet. It may work out in the end, but total shareholder return will now be a fraction of what it could have been because of the dilution.

My feeling is that Andrew, like most of us is a silver bull at heart and, like us has been biding his time knowing that eventually the price would pop. He often makes the comment that one of our major shareholders has a silver price target of, well he won't even mention it because some would think it ridiculous. Would I have liked to have been ahead of where we are? Of course, but we are where we are, and in the end, I think compared to others in the space, that is in a pretty good position, and perhaps some people should give management a break for doing their best in a pretty challenging environment.