For example, NGF produced 135,000 oz last year and are targeting...

For example, NGF produced 135,000 oz last year and are targeting 200,000 oz this year. On a cash flow basis, NGF are actually profit although their costs are a tad high and they appear to have some US$850oz forward sales in place which reduces their exposure to the spot price.

That said, i know little about NGF and my info above may be inaccurate.

The point is TAM which can produce 60,000 oz per annum max has more than double the market capitalisation of NGF.

NGF market cap is $95M and TAM market cap is $225M.