RE:Why isn't the company responding?From VP of investor relations:
"Last week, a committee of the lower house of the Mexican Congress (the Chamber of Deputies) voted to advance the outgoing President's constitutional proposal to ban open-pit mining to the full Chamber for consideration during the next legislative session, which commences on September 1st.
Based on input from our people in Mexico, the move essentially was designed to ensure the proposal survives into the next government, as initiatives tabled in one legislative session do not advance automatically into the next session if not passed by the time the current session concludes.
While the market seemed to react strongly to the development, it doesn't really change that much. The approval process for that proposal remains unchanged and is still ahead of it, which includes receiving a supreme majority in both the Chamber of Deputies and the Senate as well as being approved by a majority of the state congresses (at least 17 of 32). Thirty days after the new session begins, President Lpez Obrador (AMLO) will be out of office and Claudia Sheinbaum will become President.
What is also unchanged is that whether this proposal goes forward at all and, if so, when and what it will look like, will come down largely to President-Elect Sheinbaum’s priorities and agenda. To date, the priorities she has outlined for her initial period in office have centered around judicial reform and electoral reform. She has not discussed her predecessor’s open-pit initiative to any meaningful degree that we are aware of, and it was not an issue in the campaign for the June 2nd election.
We remain very confident that, when assessed on its merits, including the substantial socio-economic benefits it will provide Mexico, our commitment to responsible mining, and our commitment to pursuing green energy and supporting energy transition in Mexico, Cordero will be approved and will go forward.
Given where our share price is, we also believe there is substantial valuation upside for when the project gets permitted.
I hope this is helpful. Regards, Mark.
Mark Utting
Vice President, Investor Relations
Discovery Silver Corp.
C: 416-806-6298
E: mark.utting@discoverysilver.com"