$50m is very low for these assets If you said to me what is a normal, high and low valuation for 4.9moz over two properties with 3.6moz at one property with the bulk of that within a pit shell, most measured and indicated at a good grade and with significant potential for upside, I'd say:
High: $500m
Normal: $150m
Low: $50-80m
Currently with a market cap of $15m odd this is really really stupid.
One thing the bears have been so wrong on is the call this management team is not creating value - they have turned this asset from third tier to top tier without question. Their cost execution has also been top grade - important in this environment and crucial to get the big returns and minimise dilution at low prices.
Even if Monument Bay doesn't grow at all (very unlikely) this is going to be a great mine. If tungsten shapes up it could easily be close to 2g/t gold equivalent which is rare for a large scale open pit.
This company has the potential to go up 20, 30 or more times from where it is trading now if gold has another big run...................