The problem with this company is the leadThe problem with this company is the lead. Not the lead that they mine, but the lead weight called Ganela. It is a worthless money pit. They should shut it down and put it on care and maintenance until silver gets above $20.
San Rafael, on the other hand, has potential if they can ever actually get it running correctly. So far it has been a failure with both Q3 and Q4 both showing dismal numbers. There are already signs that Q1 is not going to be much better. Can they get their act together in Q2? Management is good at making promises, but they often do not deliver.
And here is an idea for transparency. Instead of using "silver equivalent ounces", why not just tell investors how much of each metal the company mines or plans to mine? It reminds me of the movie Three Amigos where they ask the bartender what is tequila and he says, "it's like beer." So what is zinc? It's like silver. NO ITS NOT.
I guess they think they are fooling investors into thinking they are mining more silver than they actually are. In reality, all they are doing is confusing investors and making them think twice about investing. Just tell me how much of each metal you are going to mine and the total cost of mining those metals. I can then figure out profit scenarios based on various metals prices. Other metals are not equivalent to silver because they vary in price independent from silver.