another way to look at MOY is to compare it with say EMR - which...

another way to look at MOY is to compare it with say EMR - which has an EV around $83M, $5m cash and plans to spend $~90M to build its 106kpa mine. So implied $200M~EV allowing for a ~$20m contingency float

EMR will have better margin and has better potential to increase that production rate over time imo but much higher soverign risk

MOY - barring the $15m milling addition - already has all that risk behind it - and is still cheaper + is adding cash revenues now

anyway i slice it - story looks pretty good against most of the peers I;ve filtered it against