PMYO toot toot, page-32

ill give you an example from SVL and MYL - to keep it clearly objective

if you evaluate the 2 just on silver content - they look roughly identical

but in fact MYL's equity resource is 407Moz @ 247.1g/t Silver equivalent at current spot prices

SVL is 235Moz @ 57g/t Silver equivalent same basis

i mean its almost absurd to talk about them in the same breath - economically speaking

when you mine you mine all the economic materials - even if a particular commodity would be below breakeven by itself - because the revenue goes to meeting overall mining costs

so its the value of the full metal basket (adjusted for various recovery %s) - that determines overall profitability and hence value of future cashflows

thats what the gold silver nuts miss. because they mostly dont understand mine economics

whereas the base metal/industrial projects followers tend to see the NPV discount - but dont understand the big price optionality of the precious metals content that triggers rerating

so they tend to buy very cheaply but way too early and for far too long - because the project looks cheap