This has nothing to do with market cap or if a company is...

This has nothing to do with market cap or if a company is undervalued as an explorer compared to another company. I clearly state that the percentages provided are the percentage increase in revenue which can only be generated from a project in production. Revenue is gross sales. The analysis has to be overly simplified, because all but 4 of the companies on the list have not completed feasibility studies to even ascertain what costs will be.

It was a quite basic analysis! If the prices forecast for the future were to be achieved, then the companies mentioned revenue would increase by the percentages stated. A further assumption can be made that the increased revenue would be increased profit less tax. Market cap would be determined by number of projects (for derisking) and a P/E multiple. For example, a single project miner may have a P/E of under 10 but a Newmont etc may command a PE of 15 +++.

The MMA scoping study will not provide costings because there are insufficient resources upgraded to indicated category in the starter zone. The table in question was posted to show that the companies with the highest percentage of silver in their resource would have the greatest increase in gross income on a percentage basis, assuming that silver significantly outperforms the other commodities on the percentage basis provided in the table into the futures.