In case you have not seen it the MKR site has a 19 page research report by MST Access that was published on 28 October which is useful reading. It forecasts 7cps earnings this year (mainly gold) and 8.5 cps in FY23 (silver stockpile). Valuation is 97 cps.
Note that cash flow is negative in FY 23 and it assumes $50 million debt financed expenditure on the capial needed to start mining of silver. The balance sheet numbers for borrowings in FY21 and FY22 are clearly wrong.
https://www.manukaresources.com.au/site/PDF/462ae45d-5f2b-4a5c-a187-5bcc80b5f964/MSTAccessMtBoppyHitsitsStraps.
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