Looks like they are being conservative to me, on several line...

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...