next week, page-15

in terms of evaluating Inground resource potential I look at takeovers in the last 2 years at a price/ounce.

General rule of thumb since 2009 has been $100 per ounce paid for a takeover.

currently we can work it out for the 1.6mOz they currently have:

1.6 * 100 = 160million dollars over 2666 million shares = roughly 6c/share.

If its upgraded to 3Moz = roughly 11.3c

So if we are currently running just below that (16% under what it should be) we can safely say the market prices in +/- 30%

a safe re-rating range with a 3Moz Jorc Resource would be between
8c and 15c

probably looking to head towards the 8c initially (as resistance is at 7.8c) then perhaps up from there due to sentiment changing.

But hey, this is all kind of a black art anyway, mr market acts in strange and wonderful ways.