Ann: March 2014 Quarterly Activities Report , page-20

jumpstart re low upside I would have agreed with you if the company had a cap of $140M but I bet you would find the NPV even with the hedge is well above current company cap.
Also that NPV has been considerably derisked now with the hedge and ability to achieve targets.
Therefore there is considerable upside .
As to the mine being "teeny" think you forget or dont know they also have a neighbor with no mill and a significant resource ,that will need milling in the future.

I would not bet the house on MOY but happy to hold as part of a basket of basket case goldies according to current sentiment to the sector