IMO and on an EV basis, MUN is almost as undervalued as TRY, not...

IMO and on an EV basis, MUN is almost as undervalued as TRY, not quite but getting close! It has now commenced a very profitable 10-year underground operation at Engenho (Brazil) that will improve further with supplemental open pit feed in 12 months time. Torrecillas (Peru), also underground, is currently self-funding its feasibility study, was privately mined for 20-years at 30 g/t grades, and is anticipated by MUN to produce 50k oz pa for 10 years. The company maker, however, appears to be Tocantins (Brazil), but any production there is a few years away. The directors own 24m shares (~16% of the company), which is extremely important for mine when investing in a gold junior.

Rowingboat.