News: RRL Regis Resources Records September Quarter Gold Production Of 114.8Koz At An AISC Of..., page-88

I was using yesterday's PoG of A$3075
The numbers I am using are a bit different -

Enterprise value

A Market Cap $1,721m
B Cash $133,6M
C Debt $91.9M
D EV: A-B+C= $1,679..54M

Margin:

E Mid-point production guidance: 120,000 oz
F AISC mid-point guidance: $1,210/oz
G Spot Gold price: $3,075/oz
H Hedges 107,000 ozs (to be repaid over next 6 months)
I Hedge Price $2,327/ozs

Margin: (3075-1210)*120,000-107,000/0.5)+(2327-1220)*107,000/0.5)/1000000 = $64/ozs

EV/margin - 1679/64 = 26.35

The difference comes from accounting for gold that goes into re-paying their hedges. - I need to check whether the hedges are current but is what I took from a quarterly but your figure may be more current.

I have to agree with you over the role of management and numerous other factors particularly the sovereign risk in West Africa. I guess my argument over CMM was that they are expensive and that the "management" factor is only worth so much. As i also said I have not taken Mt Gibson into the comparison but that is now getting into the commissioning phase which as we both know is the most dangerous period for a miner