Yes, HL have a high sustaining capex (rather than upfront). Current margins can support, and especially is one sees the A$PoG approaching A$5k/oz by end 2026 then a A$2000/oz margin is a shoe-in @100kOZ pa. So, the current A$80m MC seems low for 2mOZ+ resource based on a 3x EBITDA. Next leg on the PoG should do it/get the focus. .
STN Price at posting:
25.5¢ Sentiment: Buy Disclosure: Held
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