Who is accumulating, page-13

use another approach for Market cap. For trial mining, it produces about 15koz of gold p.a; margin is about 6koz p.a based on toll treatment with Pan Africa(roughly). roughly 11mUSD=15m free cash. use 10 timesPE valuation method. based on trial mining itself market cap should be somewhere around 150M. the share price should 20 cents. if the company moved to first pour of gold bard in full commercial rate, 400kpta, therefore, AUD61m free cash per year. it should values @aud 610 Mcap, 70-80cents. parameter used: gold price 1800, recover rate 80%,cost of production 1200( where are pfs shows 800). but it all depends on if theta can match the guidance of production rate and cost of production.