There’s 18mt of resource (@1.57% Sn), they mine a tick under 1mtpa and they’ve had no issues converting resource to reserve thus far and have just found the new Hastings deposit which isn’t included in those figures. So it’s a far assumption that this is a multi decade mine and can warrant a decent multiple.
Then you have 24mt of ore at rentails - which they’ll run at 2mtpa. Only got to see what Minsur are doing with their tailings retreat project to see the cash flow that is bringing in.
Then the lottery cards that shit gets crazy this cycle and copper goes to $5/lb+, nickel to $10/lb+ and marginal but permitted, fully drilled out deposits (and in the case of nifty with all the infrastructure built) start to look incredibly attractive. I think MLX could end up owning more than 30% of CYM should all the options and con note become in the money (correct me if I’m wrong).
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