RE:R/S Purely on its HD + Satellte deposits including Stoger , I expect that the NPV5 after tax to be about $550 million cad for a 10 year mine life at $2400 POG.
Trading Fair value would be about 70-75 % of after tax NPV5 which would be about $400 million CAD or about $4 post consolidated.
That would be higher if Tolling Mou were exercised and if additional Joint Ventures were announced.
Firefky is trading over $500 million market cap whuch is nearly 15 times that of MAE.
There is no obvious fundamental rationale for that other than the longer mine life of the Ming mine.
Remove 20% of that and Its $400 millin for MAE.
Also, an excellent proxy is Jaguar Mining which trades with a market cap in excess of $400 million.
With Dundee running the show, expect that all value will be unlocked.
So, imo not an unreasonable target..