You've raised some interesting points about the MC @Hiddenvalue.
Just as a comparison between the current MC & the MC in July 2016 (i.e. before BLK was producing an ounce of cashflow)....
Seems unlikely the Market is waiting for a Reserve & Resource Update to inspire the MC. There was a good Reserves update in Mar'21 (reserves grew by 142%) but for various reasons the MC hasn't improved.
The Market is understandably sceptical due to past production history & probably waiting to see how the below aspects of WMC operations interact (i.e. whether they'll play well together, or refuse to co-operate & throw tantrums)...
Commissioning of Stage (1) plant.
FY22 production & cost guidance.
COVID
POG
Revenue
Reconciliation between actual production / costs at 30/06/22 compared with initial FY22 guidance.
Offtake arrangements with Polymetal**
**I think the offtake agreement with Polymetal & how that plays out could be interesting. According to the WMC presentation from 20/05/21, the alliance with WMC is the first of its kind for Polymetal outside Russia / former Soviet Union. Looking at the announcements available on the Polymetal website, there doesn't appear to be any other gold producers outside Russia (besides WMC) who have signed up to get refractory concentrates treated at the POX hub in Amursk. Maybe Polymetal will make a takeover play at some stage. They seem keen to process 100% of WMC concentrates after the initial (3) year processing contract matures.
