RE:RE:RE:RE:RE:Incredible valuation "..a couple million at Macassa?" Try 2 million at 21 g/t P&P, another 2.1 million at 17 g/t M&I (which you assure us is same as P&P), and 1.9M at 22.2 g/t inferred. When you have to selectively-pick your facts to make your argument, what does that tell you?
Further, KL owns the remaining 4 mines of Kirkland Lake/Teck township. Macassa wasn't even the richest; Lakeshore and Wright-Hargreaves were both running ~ 1/2 ounce/ton head grade, with exploration showing no end in sight, when they were closed in the 1960s, due to fixed $35/oz gold price and the difficultly in deep mining. Foxpoint (KL's name in 2002) was planning on exploring Lakeshore first, and only restarted Macassa because it was the easiest re-start (had just been shut down). BTW, guess which up & coming mining engineer led the Macassa restart for Foxpoint, 2002-2007, bringing to fully back, and helping discover the SMC? That would be hometown boy Duncan Middlemiss. Name sound familiar?
Which brings up another aspect of valuation, completely apart from R&R ounces: expertise, executional excellence, and technological edge. Macassa leads the industry in lithium battery-powered mining fleets. In fact the California manufacturer has established a center of excellence in KL township. Macassa has a state-of-the art seismic monitoring system, and top-notch lighting and ventilation. Technical edge leads to higher profits, just like it does for a chip maker or a gas turbine manfacturer. E.g., Macassa's battery-powered fleet is estimated to increase production by 30%; and moreover virtually no fumes (kind of important in deep narrow vein mining), and about 1/10 the heat that a diesel gives off.