Yeah, agree - and just some initial thoughts.... huge positive...

Yeah, agree - and just some initial thoughts...
. huge positive about continued exploration upside;

. positive about actually commencing production, it’s harder than it looks;

. the costs issue, I don’t find this to be a big issue at present- for reliability, comparative or transparency reasons.

Costs for initial production per unit I’d expect to be a statistical outlier on the high side. Data like per unit and average production costs are useful when analysed in context – analysed without context they can be very misleading. I’m no accountant but to really get a gauge of per unit production costs going forwards, the fixed costs like plant and equipment (and one-off repairs and adaption of equipment) would need to be netted out of variable costs – to measure average per unit production costs over time, these fixed costs would need to be included again, but averaged out over the life of the equipment, I’d think. Complications like equipment down time and one- off optimisation mean much higher costs (fixed and variable) and lower measured production – but probably just for the first quarter. In other words, the per/oz cost figure at this point in time would not really be an accurate guide to future profitability.

Of course, to be a basis of comparison, with say, other silver mines, the per unit costs would need to be looked at when the mines are at the same level of ‘development’ or the historical ‘start-up’ costs of each mine compared...

Transparency about these costs - so the market at large can take time, look at the whole picture and analyse the complex situation rather than, say, get carried away with the imagined potential knee-jerk reactions of others to a figure (that would, in hindsight, be an accounting fiction), is almost a risk management type issue- so perhaps it’s one for the annual report?

Overall, this is another good quarterly and I congratulate the management on their work.
Cheers to all holders!