Hi CSG, the 50m oz was probably at a different cut-off grade, certainly it was issued before the poor leach rates from the ore was discovered.
Now, why was MMN a "bad" company? It rose to 45c on the expectation of production in the near future, when ALL resource companies were shooting up. It finally went bust in the GFC when the leach rates were poor and the directors chose the wrong extraction method. Also, compare the number of shares on issue at the time MMN was 45c, and now when AYN is 6.3c.
Now it looks as if there are further setbacks in the leaching rates. Macmin's expected recoveries were 2.5 M oz per year, AYN's started at 1.5Moz to 2Moz, now they are hoping for 1.2Moz to 1.5Moz, or half MMN's projection. No matter how good the management is, if the geology won't co-operate it will be difficult to succeed.
AYN Price at posting:
3.8¢ Sentiment: None Disclosure: Not Held