I know RF deserves a premium, but.... at what point does the...

I know RF deserves a premium, but.... at what point does the premium not make sense?
E/V of $1.1b for a company that will initially only be producing 150k p.a at high costs (Gwalia is very high cost!).
DCNs mill will be fed from Tower Hill... in potentially 2-3 years time. So GMD will not be a 300k p.a producer until perhaps 2026.
All the while, a large amount of capex will need to be spend developing GMD U/G (which.... they still don't have a reserve on), and Tower Hill.


I struggle to see the upside to GMD over the next 2 years, but of.... the market must view things differently?

They are undoubtedly going about it the right way, but.... it is going to take a lot of time and money to turn things around.
Yet GMD is already trading higher than most of its peers for the same production profile.


Good luck to holders, but I think the biggest returns have already been made on GMD in the near term (obviously not a popular view on these threads!).