P&P and M&I Reserves See below. Would be nice if I didn't have to do this for them as 99% of readers of today's PR won't do this calculation.
If you add up P&P reserves they are 633k Au-equivalent ounces or about a 5 year P&P reserve life based on a 130 Au-equivalent oz/year production profile.
This converts Ag at 54:1 and builds up P&P tonnes of antimony @ current spot of around $5/lb or $1100/tonne and then divides by spot gold @ $1580. The P&P Antimony is only around 50,000 Au-equivalent ounces. The calculation is:
7200 tonnes x $USD 11,000/tonne = $79,200,000 gross metal revenue / Au $1580/oz = 50,126 Au-equivalent ounces.
M&I resources for their two producing mines (Cerro Bayo & Costerfield) are around 900 Au-equivalent ounces. You need to look at the consolidated M&I table in the PR and ignore the copper resources and back out 11M of silver resources from their Chilean La Quebrada development stage project.
Would be nice if this time next year we have close to 1M Au-equivalent P&P oz, another near-term production undergound precious metals mine we bought for a song from either the swath of TSXV juniors going under, or projects majors will be disposing this year, plus we are guiding for 140-150k Au-equivilant ounces in 2014 and gold is over $2000 and silver over $40 so our EBITDA is $200M for 2014 (it was $29M in Q4) which would have to put us at least at a $600M MC or 3X multiple which is close to a double from here.
That is my thesis anyways. MND had been my best performing PM stock over the last 5 months by staying flat since the Divvy announcement.
If you don't know the Mandaly story, they bought both Costerfield and Cerro Bayo for a steal in 2009 after the financial crisis so 2013 is looking great for them to follow through again.