MOY: Long term value?

I can see people have made large profits here since last year's cap raising. I am new to gold stocks and wondering where MOY will go from here. I see estimates based on existing reserves of $40m free cash flow pa for 4 yrs or so, possible upgrade of reserves to be announced in Oct, no debt, great management etc. But with a market cap of $279m, does MOY offer value as a longer term holding? At what point does MOY start paying dividends? I didn't see any discussion of that when looking through the last year's prospectus or more recent MOY presentations. Given recent weakness I have already put a toe in the water and am considering topping up. Thanks in advance.