I appreciate your input of all the detailed analysis for MOK. It does make sense to me of most parts you mentioned.
the problem of Mok is it has minimum exposure to the market. I bet not so many investors or traders know about this company.
PEA will a key fact for MOK for now. I value the IRR more important than NPV.hope to see some very conservative number of gold price will be used in their PEA. 1200 or lower. or in this gold market a positive PEA wound't attractive substantial buyers. if they can deliver us a 25% +(30%+ prefered) IRR with 1200 or lower gold price using in PEA with 3m oz 1 g/t gold project in Ontario I bet there will be more than 1 buyer out there. We know this project has relatively good size, recoveries, strip ratio, not too deep from surface (50 meters or so) but I will assume the cash cost would not be cheap. the labor cost is very high in Canada. if the cash cost is around 800 as you assumed, I would say it won't be safe to develop this project when the gold price could drop 1200 or even 1000.
Rainyriver just acquired by Newgold @ a price 42 dollars per oz indicated. the project is also in ontario.
if we take infered resource as 0.2 percent of indicated, so we will have total 1.7 m oz indicated. if we use 40 dollars for acquiring it will give us around 1.3 dollars per share.
since MOK is already very cheap I bet it won't hurt for some majors buy it just adding 3 m oz to their balance sheet even the PEA is not that appealing.