short term target approx 15c, page-3

Current marketcap is $67M. Based on the previous two months they produce 6500 ounces/month. At a margin of $700/ounce, this is 57M revenue/year. They indicate in their resource estimate 1.2 million ounces or 15 years at the current mining rate.
For a small mine with a limited resource like this one a PE of 6 or 7 is fair. This represents a marketvalue of 342 million, so 5 times higher than the current marketcap. This allows for a shareprice of 40 cts!!

Everything above is set to a very conservative scenario. So short lifetime, no increase in production etc.

But we know that Blackham is seeking further opportunities; that they expect a higher resource volume from the current location; they aim at higher volumes/month. So when they closed off a period of negative surprises and are opening now the chapter of positive surprises we could be in for a great ride!!

And no, I do not expect 40 cts to appear tomorrow on the boards. Once you have disappointed your shareholders it will take a long time to restore confidence again. But with this outlook I am prepared to wait.