Ann: MetalsTech Fast Tracks Drilling at Sturec Gold Mine, page-81

The permit granted was yes underground mining and that's exactly what we needed and condition was MTC states mining activity within 8 days , open pit permit will follow once drilling is complete
The bigger picture is this:
Using the most recently published all in sustaining cost standard (AISC) i could find, the average cost of production for large producers is USD $900 per ounce (end of 2019). This includes capital outlay and running the office. With todays gold price of ~USD $1700 per ounce, this leads to a profit of ~USD $800 per ounce, or AUD $1200 per ounce. ( in saying that cost of production in Eastern Europe will be considerably lower and the lower cost of production ratio will offset any future delusion ) Assuming 95% recoveries, this leads to AUD $1.25B profit on the 1.1Moz resource, even accounting for capital and opex. Assuming a 10yr mine life and average thorughput, that is $125 Million per annum profit. At a P/E ratio of 10 this would equate to $12.50 per share, at a P/E of 15 it is $18.75 within a year max 2 years

So you see 15-16c is dirt cheap, not expensive , the resource is there, this is the only possible scenario , it's a company making asset and I'm sure the MTC management knows it as well and the above pricing scenario doesn't even include any future resource increases.

DYOR, don't just rely on mine , that's how I see it & that's how I trade it