Ann: March Quarter Trading Update-MOY.AX, page-18

Here's my thinking;
1) Reserve/Resource update will be positive in quantity and in higher average grades.
2) Higher grades, new deposits near surface equal more production at lower cost.
3) Assume 100k oz at A$1,100/oz AISC for A$50m EBITDA.
4) Current EV is A$80m (A$100m - A$20m cash at Jun16).
5) Good Aussie golds trading at forward 4.0x EV/EBITDA (NST, EVN, SAR, etc).
6) Similar for MOY means A$200m EV.
7) Means share price goes up 120% from here.
8) Gives A$0.32/share TP.

That's at a MINIMUM- without anything "extra" happening like higher gold price, higher rating multiple, better exploration results, etc, etc.

Can you see NST, EVN, SAR doubling from here as easily?

Makes MOY a standout buy for the sector.