To be honest I think the market is holding up really well considering how big their production miss was!
They produced about 61koz in 1H, so to hit the middle of their previous guidance they needed 32koz in the next two quarters (ie that was what the market was expecting)...
So producing 22koz and are indicating they'll only do 25koz in the next quarter would have come as quite the shock (it certainly did for me)!
I think it could have been A LOT worse, probably was saved by the new highs in gold and bigger money starting to rotate back into the sector.
One of the big problems with MML is that it is still a single mine operation. So higher production volatility should be expected, but it never really is.
If gold does get back above $1400 in the next 12 months and MML really starts banking cash I think fast tracking the development of a second mine would go a long way to pushing the share price to a better FCF multiple.