Looks like they are being conservative to me, on several line items.
Cost of gold 29million (less than paid last quarter, price stable)(out of production for 4 weeks during accreditation)
Income from gold sales 30 million - with the new wire mill, this could be on the low side, presuming that this will be a considerably higher margin business (otherwise, why do it?)
Gold production in Choco Province is 20,000+/kg/pa. NMM is currently smelting/refining 50kg/week, or 2,600kg/pa. Pretty sure they will be able to up their market share. Colombia 50,000+kg/pa.
And then there is the possibility of Au/Pt production from alluvials. Think - 10,000 oz at $1000 profit per would yield $10 million EBIT. Very possible with alluvial mining. Thats the current market cap, give or take. P/E of 1.
Might need to change my sentiment...
NMM Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
