Ann: Quarterly Report March 2015, page-17

Loki, watch MML's October14 investor meeting (video link is/was on their website or Facebook page?). CEO and COO discuss the short reserves life span in some detail, with particular reference to another gold firm which had a much shorter lifespan of reserves but kept updating those reserves for 2 decades. The reserves issue is (I recall) apparently due to characteristics of vein mining.

As for PE=3: This is based on FY15 consensus estimates. Actually, FY15 PE=4.2 due to recent share price increase; Fy16 PE=3, but of course much less reliable. Several posters and I have provided detailed calculations on this. Quarterly FY15 estimates seem to be Pretty amazing when analysts and fundies are getting spooked over current high valuations of other ASX stocks!