One may also look at the opposite metrics in regard to mine life.
While far from an apple to apple comparison, take a look at WWI - it's been spending a fair bit of time at 3/4 of AIS current valuation. They have a huge JORC/LOM, should have low AISC, have some other benefits. However; they have no income, no BFS, are running out of cash on balance sheet, are yet to receive mining rights (may be on the cusp after years of delays), are located in South Africa, have bugger all assets (no plants) and have a stated production target of a measly 50-60k oz p.a in a single/non-diversified asset - relying on 3rd party toll milling. Though if you read their board, most seem convinced it's highly undervalued.... comparing it to DEG and that it should multi-bag in the coming months on receival of M.R.
Who's right? I dunno. I'd like to believe the "perfect market theory" that everything is priced correctly... but then I look at the APTs and other nonsense companies on the ASX (let alone the US circus) with multiples our mcap and are losing tens of millions a year with no profitability in sight. So screw the perfect market theory and that LOM is the only deciding factor for us to re-rate. The market is not rational and far, far from perfect.
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