MML Valuation and SWOT Analysis, page-6

MML is trading at an EV of $66m assuming no cash build in the current quarter.

Based on guidance of 100koz +/- and midpoint AISC of $1,100/oz that gives EBITDA of US$20m or A$28m (with POG at $1,300). So currently trading at 2.35x EBITDA.

If POG moves to retest $1,350 in this move that increases EBITDA roughly 25% so a meaningful change.

This operation has a proven track record and is ticking away even though operations aren't perfect.

If they can increase mill throughput from 60% to 70% that increases output 16% and possibly increases AISC slightly.

As a potential upside we could see MML producing 115koz at $1,050 with gold at $1,350. Then we are talking A$49m in EBITDA. Even if we retained 2.35x as an EV that would be $132m MC or 63c/share.

I think there are a number of ways to skin the analysis that says this could move 50% to the upside.