Ann: Record Quarter of Gold Production for Blackham, page-314

3c = $38m market cap
5c = $63m market cap

Forget the options coz they'll be out of the money if Captain's valuation is hit.

Gold exploration, production is risky business, anything can happen as with the freak storms last year & high strip ratios.....can and usually does happen to all gold miners.
BLK have produced 3 great months and are on track for their 4th straight month of positive cashflow, so I reckon CG numbers are full of crapola.