Yes Jase - your back of the envelope calcs are pretty good. Now...

Yes Jase - your back of the envelope calcs are pretty good.

Now take a step a couple of years into future and upgrade James Bay to another Mt Cattlin.
And then upgrade both to 200kt plants.
And take Canaccords analysis as being typical of their valuations that end up 10-30% under the stock price.
This share is a multi-bagger from this level.

GMM is carrying no debt and can pay its way to further expansion from profits.

As to what is going on - it has nothing to do with GMM's fundamentals that's for sure.
Take your pick from the almost absurdly opposite situation of spreading fear over the end of the oil era (which we are the answer to), fear over possible US rate hikes, Australian election skittishness and a generally red day on the markets.

Just regular old fear. You know what Kennedy said about that.
Could have spilled over from GXY too - which had a fund exiting and possibly pancaking through stop-losses. Probably similar thing tripped here too.
Showing good signs of enthusiasm already.
Would surprise me if any of the long-term holders are really that phased.