Updated silver stock comps, page-54

Depending on your investment criteria, a good place to start is to look at the Australian Developer peers of BML and the price the market is currently putting on their resources per ounce of Silver and per ounce of silver equivalent.

For example, at today's share prices an investor pays

• $0.84 per ounce of silver equivalent for SVL and
• only $0.16 for BML$1.39 per ounce of silver for SVL and only $0.81 for BML

The market appears to be recognising that BML is a silver developer and valuing its silver, but not adding value for lead.

This provides an extraordinary opportunity for investors at this time because of the reasons described very well in Brett Connolly's paper.

Here is the link - https://drive.google.com/file/d/12qcC0Fa39WfVQVRoFbqhwDmQWG3Mnuy4/view?usp=sharing

Note that MKR is not included here as it is a producer, not a developer.Note also that RDM is in in the process of carving out its investment in Maronan to a new entity MMA, after which time it retains about a 51% interest.
Happy Days.V