and what kind of valuation would you put on a 100k/pa producer?
Their all in cost is likely to be 1000$, giving them a margin of roughly 300$/oz
That would mean net profit of 30m per year. P/E of over 9 atm.
P/E of 5-6 would be more appropriate given MML is a single mine operation and in a medium/high risk jurisdiction.
A market cap of 200-240m is more appropriate until they can prove 100k ounces. At present they cant even push out 70,000 ounces.
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