Arrowsmith North maiden resource, page-105

It seems to be a low risk with high upside potential to me.

Has evrryone forgotten that we are looking at grades higher than glassmaking also.
Even 50 000 tonnes of the optical grade a year at $100+ margin per tonne and 10 000 tonnes of low grade HPQ 250+ margin per tonne would justify a SP that is about twice what it is now.
Silica sand price is already rising in the US so I assume it is also in Asia. After all they have to get it from somewhere.
I would not believe that Bruce hasn't done his homework on production and transport costs. If he has double that share price again to get a conservative estimate imo.