MMA Comparison Against its Peers, page-30

Updated spreadsheet with a new way of valuing the inground value of the resource using the 55/70 calculation. The idea is to actually value the potential mineable resource and in ground value of the ore. The calculating the silver equivalent ounces by the spot silver price gives an unrealistic inground valuation. The 55/70 calculation is as follows;

Silver equivalent oz x spot silver price x 55% x 70%.

BML actually comes out exact using this calculation when compared to their DFS. BML has a 47.3MT resource but will only mine 18.2MT. The 55/70 calculation comes in at 18.2MT. SVL, on the other hand does not come close, but their FS was done in 2018 using $16 silver, so I suspect needs to be updated. I suspect the 2018 DFS would be a 35/70 calculation. They were only going to mine 30MT from a 128MT resource.

There are a number of added rows that assist with comparing valuations between the respective companies. The most important figure to look at is the Metal Value per MRE Tonne. But be aware that this is just the first step in making comparisons. But without scoping studies, FS etc it is all guess work.

On paper, SVL has the lowest value per MRE tonne but if you look at the strip ratios for the companies that have released them, you will notice that no other company comes close to SVL in potential mining costs because of its superior strip ratio. So the metal value per MRE tonne in SVL's case is misleading.

For the A$ projected share price, I have used US$3oz for PMs and US$1.50 per silver equivalent oz for base metals. I am comfortable with the silver $3oz because I have a North American spreadsheet from 2022 that showed an average silver valuation for measured and indicated silver of US$5.30 and for the silver outside this category the average value was US$2.35 and those numbers were on the total silver and not the 55/70 calculated values. As for base metals, well, they will never command the same pricing as PMs (maybe copper makes a liar of me in the future) so I have used a 50% discount to the PMs.

Just something that may interest some. You will note that MMA is showing 398.4Moz of silver equivalent resource at the current spot price of US$30.48. When I change that value to US$50, the silver equivalent value drops to 289Moz. This is due to silver outperforming the other metals on a percentage basis and something to be mindful of when comparing silver projects. Those other companies proclaiming high grade silver equivalent ounce assays normally have low grade silver accompanying them.

I have blanked out some of MKR's EV valuations as theirs gets messy with all their debt and the fact that they own a mining operation.