If you believe the market today, 104M ozs of silver, 213k ozs of gold, 167k tonnes of lead and 292k tonnes of zinc has a net asset value of of around $257M, or $4.91/share.

How do I arrive at that figure?

MAG's interim financial statement dated August 13 lists their total assets at ~$97M, or $1.87/share, fully diluted.

Given today's closing price, the market is valuing MAG's share of the Valdecanas at $6.78 - $1.87 = $4.91.

The largest silver find in decades, in a stable, mining-friendly political environment, sitting, quite litterally, right next to fully operational mining infrastructure, is apparently being valued at $584M.

(Of course, you'd have to believe there are only ~237M mineable ozs of silver in the Valdecanas, which in my opinion is probably low by at least 40%.)

This also means, the market values the potenital in the two other veins already discovered on the same property, one of which (the Juanicipio) has already provided high-grade intercepts, at $0.

This also means the market values two of MAG's other properties, both of which have shown some promising intecepts and grades (Cinco de Mayo and Batopilas) at 0$.

Kind of blows the efficient market hypothesis out of the water, doesn't it?