EAR 0.75% 33.3¢ echo resources limited

And why not? 200,000 ounces of gold (reserves) (to be proved up...

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    And why not?

    200,000 ounces of gold (reserves) (to be proved up by the end of the current exploration period) x a cash margin around A$500/oz = $100m in FCF.

    $100m FCF @ 5 x cash flow = $500m MC.
    $100m FCF @ 2.5 x cash flow = $250m MC.
    NST’s MC currently 22 x cash flow.
    Our current MC = $42.6m.

    If one were prepared to buy now and hold for 2-3 years, it would be reasonable to expect 6 bags from here @ 2.5 x cash flow.
 
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