Ann: Drilling hits visible gold over 1km deep below Never Never, page-111

Cheers Peppie,
If we take the higher end of their projection, at 150k p.a, being arguably one of the lowest All in Cost producers, we could potentially see a premium similar to CMM... which since Karlawinda runs around 120k p.a. a 20% premium, and CMM has an Market cap around $2 billion AUD, then... all things being equal, a valuation of around $2.4 Billion (which perhaps unsurprisingly matches BGL value). Now without doubt, CMM has a second asset, but... it's not in production, nor will it be until 2025 at the earliest. There are also a myriad of other factors which can be discussed, but this is just a table napkin run-through so no-one had better be investing based on the above!

I guess.... in a nutshell. If a U/G mine Beta Hunt (KRR) can mine LHOS bulk at 2.5-3g/t and do an AIC of around $2.2k AUD, then.... logically if the grades are doubled.... well, the costs come down further (Beta is high tonnage, so economies of scale kick in, but I think it's a good starting point for discussion).

That is why I have not sold a share and don't plan to do so (though all respect to everyone who has done well from SPR). I hope to hold through the boom and bust, because, the best assets outperform in both periods.

For what it's worth I would be incredibly happy to see an AIC of $1500 AUD when any mine study get's released, as I prefer a little conservatism (say's me with the above post that is highly speculative and rose colored!).