this could end badly, page-12

The one bright spot is a lower aud. an aid at 90 cents will help gig at this juncture .
Gg99rush
Cash costs are irrelevant unless you assume the company gets corporate offices for free , has no interst payments and staff at head office work for free. All in costs are critical .
Furthermore - all needs to be assessed based on relative value and risk. Compare GBG EV vs mgxs . MgX has 340 million odd in cash , costs are about 75-80 ( cash costs) and will be sffling to 60 in 18-24 months. They are using current margins to reduce costs and will probably preserve cash or increase marginally at current aud prices .
So given balance sheet and capex needs to become cash flow positive wih these prices let alone with lower prices, it's not difficult to see why the market has rerated the SP down