Interesting but a few points/IMHO provided as you said gold does stay as low as it does:
-Royalties and tax payable: obviously less as you pointed out
-Cost blowouts etc: I would think that MYG would be pretty on top of this given the POG environment, suppliers will be alot more out of work and idling around than a few yrs ago... if anything this shoudl switch more to a buyers market and there should be less 'price has blown out, take it or leave it' scenarios when suppliers lose their bargaining power.
Not to mention if POG really does tank more along with other commodities there's going to be an increased momentum in the no of companies shutting offline and you'd expect supply/demand to eventually catch up and operatin costs to reduce.
RE: admin/exploration expenditure still to pay: good point but remember the qualitative aspects: exploration, if successful should lead to increased resources. Increased resources means potentially greater $$$ over what you calculated with current ounces.
Exploration may kill that $9m but what if it unlocks another 50,000 oz? at $300/oz margins that would be already $15m.
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