The best that NVO will get is a per ton toll processing deal for...

The best that NVO will get is a per ton toll processing deal for its conglomerate lottery.

I'd be happy as a MOY shareholder to take money off their hands for their gamble - no worries.

The thing is..... Even with MOY's upper estimates of AISC it's still making $40m-$50m on the 90k ounce production it is estimating this year.... Even after all the delays, commissioning, ramp ups...

The MOY EV right now is interesting:

$53m mcap
-$18.6m cash
+$15m debt
-$20m (IMC loan cash yet to be used)
+$20m (IMC loan presumed will be drawn down)
=$49.4m EV


This is a best case scenario and based on MOY having the same amount of cash as it did at the quarterly. I presume MOY needs to spend some money, but it will also make some money in the meantime, so even if we assume the EV is $50m-$100m... Then the company is valued at 1x-2x year of pre-tax income... Leaving money for discretionary spending and other spending/investment not included in AISC.

Undervalued on back of an envelope imo.