Just read the lates article by Barry Fitzgerald promoting the 3 best silver prospects on the ASX. Obviously MMA is not in the 3 but MMC with a 5MT resource is, along with IVR & SVL.
The below image compares all 4 companies. MMA has three sections which shows the value of each of the resources. The first, the entire project (orange), green for the lead/silver resource which includes the starter zone and red for the copper/gold resource. Maronan have stated that they intend to only mine the lead/silver resource in the starter zone to start with. The copper/gold resource also sits in the starter zone and extends down to 1200mtrs along with the lead/silver resource. Grades for all metals increase as the resource tracks lower. I suspect that once the debt is paid back, they will start mining the copper/gold resource probably on a ratio of 2/3rds lead/silver to 1/3rd copper/gold.
Whilst MMC's Laguna Verde project comes with an entire process plant of 600K tpa valued at an estimated $150M which is currently in C&M with its very small resource, but it is high grade. The highest-grade resource (2MT - 2/5ths) sits under a lake and may never be mined. MMC has a market cap similar to Maronan. The last two operators sold the project, and it was rumored that NCM was doing due diligence on the project with a plan to spend tens of millions of dollars over a number of years drilling out and exploring for a suitable high-grade resource, but this was curtailed by the BHP takeover. So, the door opens and in walks MMC. It looks as though the project requires a lot of cash to prove up a resource. It is after all a very old high-grade project (37% silver & 63% gold).
The comparison between four companies shows that MMA is the stand out imo. MMA with a 1.2MT plant would have a metal value per MRE ton value of $100 greater than MMC's.
MMA need to get organised and announce their 2024 drilling schedule ASAP. They need to advise where the cash for this drilling is coming from. Once this happens and with the impending copper/gold recovery lab results due in (2-3 wks) and the scoping study due by mid/late May, I see no reason why the MMA share price should not at least have a market cap within $100M of SVL's in a silver market trading above US$30oz. That would put MMA's share price at $1 on today's values.
One thing to note is that MMA's lead/silver resource is around 40% higher grade than the recently placed into administration Galena Mining. MMA's lead/silver precious metals resource makes up 43% of the resource's value (green column). The starter zone precious metals accounts for 49% of the resource value at current spot prices (not shown). At $30 silver that rises to just under 52%.
