Few other things to consider:1. As its a TSX listed company they...

Few other things to consider:

1. As its a TSX listed company they release a lot more detailed technical information - looking at the most recent technical report you can get a sense what the production, cost and capex profile looks like if only mine out remaining reserves.

2. Potential for consolidation with other Senegal players (e.g. Oromin) who have ounces and grade but no mill.

3. Exploration prospectivity (both Sabadola and regional). To be fair recent results around the mine haven't been great but with the recent agreements with the Gov't I assume they can start to explore the regional package

4. UG potential eg LFZ to extend mine life.

For me Teranga in a nutshell is a company with a) a big mill, 2), sizeable production, 3) okayish costs and 4) but relatively short mine life and ? on exploration upside.

So the questions you need to ask - is it attractive at current price based on what they have today? (e.g. reserves only - not assuming any upside). How much blue sky is priced in? (IMO nothing or negative)
What;s the downsides/risks? (other than leverage to gold price, debt is small, is a relatively straight forward producing O/C mine)
Then what are the upsides? (do you believe there is prospect of mine life extensions, exploration success etc etc)