Updated silver comparison spreadsheet calculated using current...

Updated silver comparison spreadsheet calculated using current share prices and current Fx & metals spot prices. The Nth American companies are included for comparison between the respective markets. SVL is starting to look real attractive if you believe that they will eventually get project approval and USL is interesting when a comparison is made against AbraSilver. Both have projects in Argentina, ABRA have released a scoping study and have 50% more silver Eq ounces but that comes with a 6x increase in market cap. ARD is the lowest valued, but that may be due to the deposit being somewhat low grade on a silver Eq resource ounce basis and the NSW factor.

I believe that at some stage in 2025, that the companies should be valued closer to 75c per silver Eq oz for the precious metals resource which is the 4th last row on the spreadsheet.

If anyone sees companies that are not included and want them to be included, just respond with the company code. The criteria to be included is that the company must have a Jorc 2012 resource and have a large silver resource. I do have hidden columns for companies that do not strictly adhere to the criteria or I am suspect on like MKR. Those being ARI, ILT, MKR, & TMZ (Now SMG).