The first table shows company values on a silver comparison...

The first table shows company values on a silver comparison against peers. After all, in a silver bull market, no one is going to be interested in lead & zinc and too many base metal companies are promoting silver equivalent ounces to trap the unwary with their high grade base metals and low grade silver.

Silver equivalent ounce metrics are misleading because as the silver price begins to outperform the other commodities on a percentage basis, the actual silver equivalent ounces drop. A good example is MMA. When silver was around $22/oz it had 488M silver equiv ounces but today that has dropped to 416M oz. A lot of companies are quoting silver equivalent ounces using low $20's silver price which over inflates the other metals equivalent ounces that they actually hold. I use the spot price because every company out there has a different commodity price that they have used for their individual Jorc's.

The second table is from Feb 2022 that was done by a Nth American PM bug. It is plain to see that the Nth American companies commanded a lot higher valuation per silver oz than most of the companies in my ASX comparison sheet today. Yes these values have dropped, but it gives everyone an idea of what the silver valuations may achieve in the future.

BML stands out on its M&I resource valuation and its overall silver resource valuation is at the lower end of the ASX company silver only ounces valuation. The pink column just shows the percentage of the resource that is in Au/Ag but has no relevance to any of the calculations in the table. It was in the original, so I added it to my spreadsheet. BML is showing its 75% equity only. You can see that SS1, has the lowest valuation, whilst MMC is overvalued compared to its peers.