In short they hit $100m market cap when they just owned MC and it still around that level.
The rule of thumb is a producing mine should be trading around 70% to 120% of the NPV, given the ability to add for further resource, which MC definitely has. The NPV of MC is around $300m, so trading at a large discount.
Since then they have added bought out joint venture partner (Cronimet) Saloro (bringing in one of the worlds largest investors)- Oaktree, Wolfram Camp and now Tungsten Metals refinery.
Plenty of value to be found.
Company needs to deliver positive cashflow and consistent production.
In short they hit $100m market cap when they just owned MC and...
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