Hi BB80,Agree that the higher PM resource stocks are valued...

Hi BB80,

Agree that the higher PM resource stocks are valued higher than their base metal counterparts. As for how USL did on my analysis, well the only thing holding me back is the Argentina jurisdiction. I hold ABRA and it has been getting sold down big time. There is an SILJ ETF rebalance going on which may be a reason why ABRA and Discovery Metals (DSV) have had their shares in free fall but I can't help wondering whether its the Argentina & Mexico risks. Mexico for the political risks and Argentina because of the out-of-control inflation approaching 100% which impacts mining and exploration costs and supply chain issues.

I have also been looking at LDR but they do not have a jorc resource so hard to compare except they have high grade veins and have a $20M mkt cap.

The stand out value prospect of all of the companies listed on the spreadsheet is BML because they only have a $30M market cap and should declare FID on their project in Q3 2023. The risk is that their share price is in the dumps, they still have not locked in debt finance and any capital raised at current prices would be highly dilutional. Then there is the fact that their resource only contains 28% PM's and lets face it, base metals are boring.

Maronan (MMA) is the outlier with potential significant upside. The belief is that it could be another Cannington. MMA was spun out of RDM and RDM hold 75M MMA shares (approx. 50%) so RDM is a good arbitrage punt plus they have 3 or 4 jv with Oz Minerals (now BHP).

As for the bottom 2 rows, well BML holders asked me to include a price per oz for the silver eq resource. The problem with this methodology is it assigns a blanket valuation for all resources. SVL and BML have resources in the M&I category whereas all others are at a lower category, for example, inferred. I did copy another PM analysts table for comparing projects which is probably better. The table is in USD. You can clearly rank all of the companies in the prior chart but also determine the resource valuation of pm's in the higher categories. My tables are valued at today's prices whereas the analysts table was valued at Feb 20 prices. You can see just how undervalued the ASX listed companies are compared to their Nth American counterparts. Outcrop silver are trading at 18c today, so it's EV would be below US$1.00.