@traderdude I am in RDM and MMA in a superfund where I need a variety. I have been in and out of SVL. SVL and IVR are materially the most expensive on a per ounce of Ag or Ag Eq basis.
BML is my largest holding in the sector as it is the most advanced of the Silver Developers and on target to be the first to start mining and with Australian resources - it's also reasonably priced relative to the others (but FWIW I believe they are all way underpriced).
BML has an advantage over SVL and IVR in that it has sufficient lead to pay all the mining costs so its silver gets mined for free. (Interesting, that may well be the case with RDM and MMA when they get to releasing numbers down the track).
Nevertheless, there are people that like SVL and IVR because they are long term silver plays and have historically been exciting when the silver price takes off - there is a lot of strong emotion with these pure silver developers, however, I prefer to focus on the numbers. FWIW BML too has proven over the last three years that its share price correlates strongly with the silver price.
Apart from ARD which is small, RDM is the cheapest (it owns 50% of MMA) and MMA the second cheapest, and on my chart have on that measure a higher return on investment, but RDM and MMA are at least 4-5 years away from mining.
There are outliers like MCT but they seem to have issues attracting capital to their Admiral Bay silver resource. ARD is a bit small for me, but it is a favourite for some as its been around a while.
I will update the per ounce calculations tomorrow and post.
It is important in terms of investment multiples that you buy right.
Have a look around at some of my posts and those of others to get a feel. My view is that there are so few silver developers on the ASX that all will do well when the Ag price rips and the weight of money comes into the sector. If you see my list on the post above most of the producers are big multi-metal miners that hardly provide true leverage to silver e.g. South 32, Glencore and BHP.
BTW - I prefer the silver developers with Australian resources as other countries have higher sovereign risk. Furthermore, I like things that are close by and where the risks can be better understood because we live in the economy, culture and polity.
BTW - I do not invest in explorers. They are another level of risk altogether and there are opportunities among the developers that are less risky so I focus on them. I recall either Rick Rule or Eric Sprott suggesting that while there are opportunities in Producers and Developers, there is no need to add extra risk by investing in explorers. So people like the thrill though.....that is not me.
As always DYOR,
Best V
