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Gold/Mining/Energy : Silver prices

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To: re3 who wrote (3768)	9/6/2001 5:03:42 PM
From: Claude Cormier	Read Replies (2) of 8010

Market Capitalization (undiluted): Pan American Silver (36M shares) Cap: $C190M Silver eq. Resources/share: 16.6 oz Silver eq. Reserve @$5ag/share: 4.19 oz Silver eq. Resource/$M of market cap: 3.157 oz Silver eq. Reserve@$5ag/$M of market cap: 0.79 oz * I am excluding the 20% PAA has in Dukat. Silver Standard (26M shares) Cap: $68M Silver eq. Resources/share: 11.5 oz Silver eq. Reserve @$5ag/share: 0.00 oz Silver eq. Resource/$M of market cap: 4.41 oz Silver eq. Reserve@$5ag/$M of market cap: 0.00 oz Corner Bay Silver (15.7M) Cap: $20M Silver eq. Resources/share: 9.1 oz Silver eq. Reserve @$5ag/share: 8.21 Silver eq. Resource/$M of market cap: 7.15 oz Silver eq. Reserve@$5ag/$M of market cap: 6.45 oz Of course the comparison is not completely fair as Corner Bay will have to issue more shares in order to get into production. But they are expected to increase by 60-75% only which would still cause BAY ratios to be better than PAA. Remember that PAA has important zinc production that counts when zinc prices are higher. But when we speak of silver leverage.. BAY has the best leverage, at least with silver prices under $7-$8. It is also important to note that PAA has no economic reserves at $4.25 ag while BAY is expected to be very profitable (at least based on the current proposed mining plan). Silver Standard will have some economic reserves at $6 ag I guess. At prices of $7-10 ag, PAA and SSRI offer more leverage than Corner Bay.

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