Really? Governance and capital allocation policy of management is the main concern leading to a discount imho. Investors have been and are concerned that management will put APAC's interest above other shareholders interests. It is not that long ago that management invested in a gold junior only because of the fact that it is co-owned by APAC.
So I wouldn't call governance a reason for a premium. The jury is still out on that. I would call it an opportunity to lower the discount though.
As for the low operational risk, it is less than a month ago they had to evacuate Renison as bushfires were treatening to put it into ashes. The upside is that since much of the surrounders burnt down there is less risk of a repeat now. It almost seems all tin operations have their own set of risks
As to the analysis above, can't compare MLX to Yunnan TIn, as Yunnan Tin is integrated, totally different beast.
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