I came across this interesting slide yesterday presented by RMS...

I came across this interesting slide yesterday presented by RMS to the UK and North American Investor Roadshow.

- Current number of MOY shares = 756.7m
- Cash on hand as of 30June = $20m
- Debt = Nil
- Production guidance likely to surpass 85koz base on today's production update but we will assume 85koz here.
- Average production multiples base on the chart above is $3600/oz

EV/koz = $3600/oz
EV = Market cap - Cash on hand + Debt

If MOY were to reach the average EV/koz of production as per the above chart, that would mean MOY's market cap is $326m. Divided by the number of shares, we would arrive at $0.43/share.