Ann: Quarterly Report - March 2018, page-147

UBS now have a NPV of $2.58 which is more accurate of where the current share price should be. $3.10 is a 12-month target assuming that they can get higher grades and achieve 200kt. Even holders would be hard pressed to come up with a better valuation given that disaster of a report that the company is somehow passing off as *better than expected*. Free cash flow is still trading at a multiple of 15, which is generous for a resource stock.