Beer and Co: Wide, high‐grade, shallow intercepts. Upgrading our valuation, page-9

Beer and Co forecast a new higher reserve grade of 1.75g/t going forward. For a 2Mtpa mill throughput and a 92% recovery, MOY will produce close to 103koz of gold/year. Current management forecast is 80-85koz year and what they are likely to produce is in the region of 90koz. So there is a 15% improvement from the current production rate.


AISC is also likely to drop to $1050/oz from $1200/oz. Total net cash flow would $62M if price of gold is $1650/oz. At $1750/oz, MOY will rake in $72M per year.