RE:Valuation Ok mine follower. You have got the valuation wrong. Let me explain. Erdene once in production will produce let's say 60k per year. Let's say AISCs will be 1k (much higher the FS to be conservative). At 1900 the margin is 900 and for 60k that's 54 million in FCF. So bases on 2022 production (being first full year) you are trading at 2 time FCF right now. That is extremely cheap. At 400 million mkt cap you will be trading at 8 times FCF. That is very reasonable at these gold prices tbh.
furthermore, they have a resource already of 1 million plus ounces taking Altan Nar into consideration. That is a 10 year mine life. I expect them to produce about 80-100k oz a year once they are actually in production as they will grow the resource by then. You are getting the exploration upside for free right now at 2 time FCF based on 2022.
I also expect gold to go quite a bit higher in next 12 months or so.
cheap cheap cheap. Only risk is location. That's it!