i agree undervalued on any reasonable basis
u should not take the 90m if u are using ev though - if u strip out depn & amort u should also strip out investment cash flow as largely mine related
still gives close to 50m free cash flow pa with 100m in the bank & return to an exceptional divi for a miner
by any valuation method i know this one should be close to twice the price
cheers
t
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