Has anyone done any operating margin or NPV calcs for MMA? If so, could you please double check my conclusions or share yours?
As part of my portfolio review, I have completed a loose operating margin calc for MMA based on the scoping study numbers and updated FX, commodity prices and an estimate for updated construction and operating costs. I am pleased to see that MMAs overall operating margin has increased over 50% since the 2016 scoping study and now sits around 3.3Billion. I allowed for an increase in resource of 25% and an increase in construction and operating costs of 25%. Main drivers for increased profit are an increase in silver/gold/copper prices and a weaker AUD. Looking forward to hearing from the MMA team on their revised numbers.
My conclusion of my portfolio review is that MMA is extremely under-priced, even if you allowed a safe 100mil to do more exploration and the necessary pre construction activities. This doesn't even consider that Silver/gold and copper all have bullish charts and great fundamentals with likely price increases in the future.
MMA chart also looks to have broken out and just needs to retest the breakout.
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