the case for mco, page-20

So Loki,

If we take your calculations of roughly 4000oz per month @ 18gms at current margins, when all this is finally achieved and the company is making $4.3m net a quarter, the stock could be worth around 60c when priced on a similar multiple to its peers. And as you state if there are further expenditures on exploration and development it might be higher or lower depending on results.

It seems to imply the stock is neither hugely overpriced or underpriced at these levels depending on your view of gold, but it does seem to indicate that when the price was at 45-50c the stock was well overpriced.