CYL do not target 190 Koz pa production until 2027. In the...

CYL do not target 190 Koz pa production until 2027. In the meantime, with 118 Koz, I have them valued with an EV to Production of $10,301/oz based on the 31/3/25 cash & equivalents. Since then they have invested in KAU, disposed of Henty, and purchased another deposit able to be processed at Plutonic.
As a growth story, they are appealing with the margins they are achieving allowing them to fund expansion. However, they are currently valued accordingly, and so I am sitting on the side-lines waiting for one of those periodic events that cause a substantial drop in price. Even at 190 Koz pa, they are middling producers, albeit with ambition.
Other value opportunities are present in the meantime.