Maronan the silver unicorn, page-4

All right, I will start things off with a potential comparison between MMA and four other miners that have either feasibility studies or DFS for. The details on the spreadsheet we are interested in is the bottom 5 lines. The details in black are straight out of each companies studies but be aware that I have averaged all silver & silver Eq oz over the life of the various projects using tonights spot prices (Ag $27.70 etc). SVL in particular in their feasibility study front load the high grade silver to an advertised 5Moz for the first 5yrs and then it drops away. ABRA has done the same.

Things to note! BML is showing BMLs 75% interest. SVL, I would be extremely surprised if they did not increase the size of their plant, noting that their resource has increased by 60% since their 2018 feasibility study.

MMA in purple are estimates. I selected a 1MT plant and 8MT resource to arrive at the 8yr production target they are aiming for. G1A had a 1.2MT plant and I think BHP started with a 1.1MT plant which they upgraded to 1.5MT a few years later.

It is stated by MMA that the current drilling campaign should increase the indicated resource by between 2MT and 3MT. I have selected 3MT because I am an optimist which increases the indicated resource to 5.1MT at 5.3% lead and 155g/t Ag and the inferred resource of 2.9MT using the same grades for the inferred resource of 5.3% Pb and 101g/t Ag. I have not included the gold as there was no recovery rates in the Pb/Ag lab tests. I have used a recovery of 95% for Pb and 84% for Ag from the 2024 lab test results.

Obviously, this is just a guestimate. We will have to wait until Q1 of 2025 to see the MMA scoping study. I have not included any Cu/Au resource in the estimates, as the Cu/Au grades appear to be low nearer to surface and Richard has stated that the Cu/Ag resource would not be mined in the initial years.

Share prices are todays closing prices (July 25th). Spot prices are roughly 9PM AEST.