I tend to disagree. I don't think MML is pure gold price play....

I tend to disagree. I don't think MML is pure gold price play.

For me MML it is just as much an operational improvement play.

Yes MML will likely lose money in the next two quarters at a gold price of $1200 while production is low and there are additional capex outlays being made...

However once MML has finished the shaft and de-bottlenecked the mine that should quickly translate into record production levels and allow them to spread their fixed costs across more ounces which will lower the average AISC going forward.

So as long as the shaft is coming along roughly as planned then in 12 months time I suspect MML will have an AISC below $900. That will be VERY free cash flow positive even at these gold prices.

So I think MML is more than JUST a gold price punt (but of course a higher gold price will help A LOT).