John Toll,According to my numbers which are based on MML's own...

John Toll,

According to my numbers which are based on MML's own projections for FY2010, the stock is still only priced at a forward PER of c. 7.8, whereas the sector average for producers is running at c. 25. Therefore, in my view, MML is still fundamentally under-valued.

In addition to the clearly stated incremental ramp-ups in production due from the phase II development at Co-O there is also on-going exploration local to Co-O which the company appears confident will lead to further expansion. Plus, there would appear to be a strong possibility of a second mine at Bananghilig if the ongoing exploration continues to reinforce the economic feasibility of an open-pit, shallow oxides operation.

Sufficient reasons I believe for the stock to continue to rise towards a reasonable approximation to 'fair' value.
CPDLC