OK, I have valued the inground resource for the companies in my...

OK, I have valued the inground resource for the companies in my spreadsheet using the 55/70 calculation which in my opinion more accurately values the inground resource. BML is almost an exact fit using this calculation. The calculation for those interested is below;

Total silver equivalent oz x silver spot price x 55% x 70%. Using this calculation on the Sorby Hills project for the MRE of 47.3MT equates to 18.2MT which is the total amount of ore being mined as per the feasibility study.

I have added a number of additional rows to aid with any comparison of the various companies. As you stated the Metal Value per MRE Tonne is an important start point in any comparison especially when most of the companies presented have not completed at least a scoping study and any in depth metallurgical test work. SVL is close to the lowest value using this measure but when you look at the strip ratios, it is plain to see that SVLs mining costs will be significantly lower than its peers, so the Metal Value per MRE Tonne can be a little misleading. But it is a good start.

For the A$ projected share price, I have used US$3oz for PM equivalent resources and US$1.50 per silver equivalent oz for base metals. I am comfortable with the silver $3oz because I have previously posted a North American spreadsheet from 2022 that showed an average silver valuation for measured and indicated silver of US$5.30oz and for the silver outside this category the average value was US$2.35oz 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.