Well this was a bit worrying for me as they need 70m$ on top of the 91m before they can get to the primary zone.
I am not sure if anyone has noticed but the BFS was carefully spun in a way to not show this jumbo development. It is quite odd for a company to not show life-of-mine capex.
This is confirmed again when they released the revised BFS to rapidly increase production in 2015 to give more breathing space.
For me i think i will sit back and see if they can get things up and running to afford the jumbo development.. quite frankly speaking there are definitely better deals around. For example there is a goldie in philippines at a 135m market cap with no debt. Plant already up and just sorting out minor issues. More gold and lower cash cost than MYG. Sovereign risk is rather low from my experience with another goldie called MML.
If you consider MYG at current market cap and add 91m development cost, the market caps are roughly equal.
Nothing against MYG but just at this stage and at this price it is at a rather big premium for the risk.
MYG Price at posting:
9.2¢ Sentiment: None Disclosure: Not Held
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