The 4c SP valuation at that time was based on the 125k+ ounces at $850 dollars on the grade and production rates. I think you are correct at a point on time as once more ounces are identified using the above valuation the SP will be worth more. If recovery rates and/or increase in grams per tonne will also see re-evaluate of SP. Also if dividend paid a SP will usually see an increase in price due to yield hunters.
Top up or miss out, page-1370
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