Ann: Doray Announce Significantly Improved Life of Mine Plan, page-57

"Overvalued, the announcement hardly warranted this 20% move"

When you define a:
- mid-tier mining company as over 150,000-500,000 oz p.a.,
- a junior mining company as over 50,000-150,000oz p.a. and
- a mini as one that mines less than 50,000 oz p.a.

It is clear that the market places a premium on larger producers:

- the mid-tiers are priced at around $2 000-5 000/oz,
- the juniors and mini companies are priced at around $1 000-2 000/oz

With FY19 production predicted for 80-85k, DRM is starting to move to the top of the valuation range. But when you consider an end goal of 100k oz p.a. x $2000/oz, that is a market cap of $200m, compared to $155m currently.

Moreoever, markets value mining companies not only by their production volume but their efficiency, and DRM is clearly one of the lowest cost miners in its category (junior).

So ultimately, the valuation seems to be about right....

GLTAH. DYOR.