Reward and Risk - MIN.TOPer MIN.TO technical report (Table 22-4 Financial Analysis Base Case), Cash flows after tax are (at $2.75 USD per pound of copper price):
Year 1 - 2020: $3 millions
Year 2 - 2021: $5 millions
Year 3- 2022: -$80 millions (caps required for next phase)
The above cases are based on the best possible outcomes. With delay for the copper out, MIN will likely lose money in 2020. Even with the best outcomes, the numbers per MIN technical report are not impressive for a market cap of over $200 millions Cdn. currently at share price of 0.86 for 2020, 2021 and 2022.
But, what willl happen, if they run into major operational issues? After all, MIN only has one asset, one mine, and its operation is unconventional. if so, It is not going to be pretty. The risk and reward do not justify a buy at current price.