mml i think might the cheapest gold producer on the asx, page-5

As mentioned above using a PE ratio for a company that makes its money from a finite resource isn't really appropriate.

Ie MML has enough mineable "reserves" at Co-O for about the next 4 years. So saying they deserve a PE or 6 when they might only be operating for 4 doesn't make much sense.

That said, MML has a "resource" of over 1M oz and the deposit is open at depth...

So if they are able to convert some of those resources into reserves (which you suspect they will and they are in the process of doing) then they will likely be able to extend mine life significantly and a higher PoG will also help in doing this.

From memory the current reserve and resource estimates are based on $1200 gold. So it's a reasonable assumption that there are more profitable ounces available to be mined than the current reserve figures would suggest.

But given MML's poor track record to date I suspect the market will want to see these increased reserve numbers printed before they "assume" anything about MML.