many things you have omitted.1. you have used $2600 AUD price...

many things you have omitted.

1. you have used $2600 AUD price constant .most commodity analysts use only for the first few years, and decline price afterwards. This is industry accepted practise for commodity stock valuation
2. risk near zero .This is a single mine developer. Any slight stoppage or delay reduces the cash flow significantly as opposed to a diversified miner. If this is risk near zero, what about SAR, NST etc? Risk isnt near zero.
3. GOR highlighted ball mill failure recently and valuation and sector valuations have come down.
4. net debt $40m isnt accurate at all. CMM havent drawn down their $100m debt facility as the construction is in stages, they pay the capex in stages. You need to add this to the EV.
5. Didnt use any discount rate on the cash flow. Should be 11%. Not using discount rate isnt generally accepted valuation principle on miners as risked cash flow after 5-10 years isnt worth as much today.