No I don't think you're missing anything, except that you need to keep in mind that Kylylahti was a VERY borderline project at the mercy of metals prices until they bought the processing plant.
It is a small deposit and the capex for mine plus processing plant was huge compared to the total revenue of the concentrate.
Buying the processing plant has saved over $100M but the deposit is still small and the capex is still large. Continued drilling and stabilised metals prices will help to push the project further into the black but margins will probably remain fairly fine.
The extent to which it's undervalued depends on exactly what those margins are, which is entirely dependent on long-term metals prices.
No I don't think you're missing anything, except that you need...
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