I played a bit with MJS valuation. I know, it might sound like an old record, but here it is.
The company has market capitalisation of $ 110 mln.
Roddie said in his Youtube interview, the real value of the mill was well above $ 100 mln, i.e. 200 mln (we got it for 40 mln). Let's assume it's been paid for to Mr.Kong in full by now (net profit remains to shareholders now). It's conservative to value the mill by $ 50 mln.,
Then we have 30 mln cash and we are debt free (or 35 mln cash and 5 mln loan) after mill repayment.
The 3 mln ounces of gold (the cost of production is 300 $/oz) mean 3x1300= 3900 mln $ net.
Now the miracle: 110 - 50 - 30 = 30. We value the 3900 MILLION $ net worth gold at $ 30 MILLION.
Which means: 10 (ten) dollars an ounce of gold after it has alkready been extracted (reserves in that hypothetical case).
It's like selling your wallet with 10 grand cash inside for 10 bucks. A real moneytree.
Of course it will take time to get it out of these rocks. In the meantime, we shall see the HKEX listing and a possible resources upgrade (additional drillings, aquisitions). It is important to have a strong capital base these days. I've been searching for other potential targets listed in Canada and Australia..and haven't found one. I guess it's only up to the board to start behaving like a normal board with at least minimum of respect to their shareholders (not the case here). The valuation clearly reflects this attitude. No time for kisses and flowers at AGM. Bring out the numbers and corporate updates. And publish news via normal news channels other than SEDAR.
6 million regard$, Greg