I've been following BNR for a while but regrettably haven't bought enough. Is BNR still cheap, or are we approaching fair value?
Back of the envelope calculations suggestion cash flow of $3.6m per year (6,000 ounces x $600/ounce). This puts BNR on a P/E of 2.7, although a hefty discount is warranted given the short mine life.
This obviously doesn't account for increased plant throughput (potential for 200,000 tpa), increased resources, and higher than expected grades.
Ann: 31 December 2015 Quarterly Report, page-34
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