How to get to $150m MC

The market continues to struggle to believe that CTL is a viable, profitable story with longevity.

Proving the market wrong quarter by quarter, year by year is what CTL management must focus on intently.

Proving up 2-3 years of reserves would be a great start.

If they can consistently put 150ktpa through the mill at 5 - 6 g/t and at AISC of sub 1000 then a major re rating will occur.

24,000 oz a year with (say) a gold price of AUD 1700 = 24000 x 700 = $16.8m a year cashflow.

Once the market 'believes', the applicable multiple - P/E or PCF or whatever - will be determined by a few factors - largely the gold price, expected mine life and prospects for a bump in earnings eg growth - the higher the expectations, the higher the applicable multiple.

Certainly, a multiple of 10 is far from unreasonable should the runs start flowing.

That's a $150MC - give or take.....

You can convert that to a share price....