Now this is where it gets really interesting. Investors often...

Now this is where it gets really interesting. Investors often say that multi-metal companies are at a disadvantage if their overall Ag ounces are lower than the Ag only developers.

But here is the thing. When you add a premium of say $100 AUD ounce for Ag resources only, that premium gets applied to each company and the returns are compared in the same way.

None of the Ag only companies can catch up in terms of returns, where the buy price was too high. They are forever playing catch up but cannot quite get there.



Even with a $1000 AUD Ag ounce premium they cannot catch up. The other metals are a valuable asset. Even if they do not rise in value comparable to Ag, they help fund the mining costs. In BML's case Pb funds all the mining costs and the Ag is mined for free. I would guess that is the case with MMA's Maronan too (but we are yet to see the DFS for them).

Happy Days.

V



Happy Days.

At about $3000 AUD oz MMA just overtakes BML. But even at $10,000 AUD oz Ag only, none of the Silver companies even get close to BML and MMA (also read RDM).

I won't post those numbers as I will get accused of getting out over my ski's. But for those who like playing with metrics its an interesting exercise to do.

V