Silver City Minerals Limited, exploring for base metals near Broken Hill, has been classified as a Phase I company and rated ‘3+’ on the five point PortfolioDirect rating scale where a ‘5’ is the highest rating on the risk adjusted quality scale. The company has received a relatively high quality rating based on the PortfolioDirect “FLAGS” criteria. The outstanding attribute is the location of the exploration properties. This does not guarantee success and, in some respects, places the company in a complex geological setting. However, the company’s activities are in a region of historical world class workings with significant production on surrounding tenements. The risk profile is in the lower to middle part of the feasible range with the largest contribution arising from limitations on the company’s funding. Its funding position is adequate to fulfil its near term needs but remains a constraint on the speed of its activities. Some assistance from the state government, if it is available, will ease the pressures but additional equity funds will most likely be required in 2016 to do justice to the opportunities.