RE:resultsI think you missed his point. The stock will go higher no doubt but it's lost a lot of it's earnings potential for the next 9 months and therefore isn't as leveraged as other gold companies.
The GDXJ has outperformed Mandalay on a 3, 6 and 12 month timeline which shouldn't be the case for a company this small in marketcap when there a stocks that have outperformed the GDXJ by 2x,3x (in my case 10x)
Why invest in a gold company with a questionable M&A strategy, a questionable mine life and Gold hedges when you can buy others that are just focusing on mining and reaping the reward of higher gold prices (in a possibly once in a lifetime precious metal bull market) with no restraints is the question Nick has rightly asked himself.
Hopefully production keeps up but the company has relatively bad history with it, plus the mine life issue still remains.
Despite all that holders of this stock should rightly be bullish given the gold rally :-)