Look at TRE market cap of 680 million,93 million shares out and stock price of $7.00 (give or take) never made a dime,

and never poured 1 gram of gold (as far as i know) no royalties either,

all based on what? Sinclairs' reputation ?

You don't put a ceiling on a miner because it hits a certain market cap. it isnt a tech company with no assets selling entirely on forward earnings. We need a 43 101 compliant report updating us on measured resources as UC expands beyond tailings, which can deliver an underground asset value; then you have the silver and equivalent gold ounces plus any other other minerals, less production costs, which with pms both rising in value will add perpetually to the profit margin of all producers.

Then you deduct the cost of loans, and work out the profit per share. The p/e ratio for the major producers is much higher than the juniors, but the Zimbabwe junior producer I own, is trading on a muliple of x 10 at the moment, and they have just increased production to 40,000 ozs gold pa. A multiple of x 20 isnt out of the question later on, but it depends on what output the company is targetting, and that will probably be constrained by the operations of the mill. So you'd expect to see UC operating on three years tailings with very low costs on a much better ratio to the profit per share than x 10 in Mexico.

Then there's McFaulds, and if Jima and the board decide to sell McFaulds and hang on to the Mexico op and expand it (I do hope so), they'll be in a really good position to expand the company from cash.

JMHO

AP