12 mth price target $1.40, page-14

Depends on the valuation you use. GBG won't travel on a 12 PE on EBIT for a 16mpta operation anytime soon. Oakjee would be required for this. We will be producing 8-10mtpa in the short term, not 16mtpa.

FMG is discounted more heavily than AGO for expansion plans, the market isn't confident with FMG's ambitions. MGX again travels even cheaper, but it has a lack of expansions in the pipeline.

GBG will need to confirm it's magnetite operation is profitable and expanions are probable to be valued at some sort of premium.

Regardless the current market cap is a joke, and I think it is partially due to the significant overhang of shares from the Insto rights issue.