A bit hard to calculate with each project at different stages...

A bit hard to calculate with each project at different stages and production figures not readily available (SVL most advanced with PFS and EIS submitted and working towards DFS; ARD Scoping study completed; IVR least advanced with Resource Definition & Met Work completed). A very rudimentary way to look at it would be contained ounces with SVL and ARD approximately 52 million ounces and IVR 42 million ounces. In any case, looking at project metrics for any of these projects with the current silver price is a waste of time as they are all awaiting a higher Silver Price before any development will happen. If you want true leverage then you might be best looking towards International Markets i.e. TSX or even Bullion itself. It begs the question then why would one continue throwing money advancing a project that's not likely to attract the requisite CAPEX in the current commodity price environment. That's why I like IVR, they made that decision early in the piece, are conserving cash and looking at external development options for Maslin's and potential acquisitions to maintain momentum whilst awaiting a more favourable Silver Price. Don't get me wrong, I wasn't bagging SVL they are doing similar but the cash burn and dilution associated with all of their combined activities coupled with yet another imminent CR and the fact that the share price has jumped from circa 2.5c to 6.0c since October last year IMO doesn't represent a good value investment proposition for me.