Going back to your original question @Lorderyall , I think its...

Going back to your original question @Lorderyall , I think its clear to many of us that CYL is undervalued, but the question is how much?
One way to get a sense of that is to look at our EV/EBITDA ratio.
The average EV/EBITDA ratio for gold companies on the ASX is 4.3
At current Share Price our EV = $214m
EBITDA for Q3 was $32m. If we assume that is now our steady run rate we would have an annualised EBITDA of $128m
Which gives CYL's EV/EBITDA = 1.7

So if we were trading at the ASX average our SP would be 2.6x higher

It makes sense that CYL would be trading below the average as they still need to prove consistency, pay off remaining debt etc. But the question is how much below average? Should they be trading at an EV/EBITDA of 3 to 3.5? All the indicators are there that CYL will continue to produce at these levels and debt should be paid off in the next few months.

The other kicker here is that the recent announcement regarding increased exposure to the POG would mean an extra circa $500/oz which would add about $14m/quarter to CYL's EBITDA. This is even before bringing online Trident, Plutonic East and Plutonic West front...
At $56m/month EBITDA, their ratio at current SP is close to 1... so something like a 4x upside as market starts to understand what CYL are doing and gain confidence in their approach.