$3.90 valuation by GS updated, page-426

Munchy, well it has fallen now close to 10 cents since the Lake Wells and PNG Barrick Gold ANNs but that is clearly not 10% yet so BikeMad at the moment is about 60% right 40% wrong if you consider all other things negligible like the P.O.G.

My fear is that the market really looks at the medium term effect of the COVID 19 shut down of exploration by Craig Jetson.

Shackleton references this rather peculiar SBM imposed stoppage in respect of Lake Wells.

I mean at the moment other than the banks, SBM appears to be significantly impacted by COVID 19 along with Blue Scope Steel but at least Blue Scope Steel has for the moment kept its blast furnace for steel open, whereas SBM appears to have ceased all gold exploration.

Au exploration is not a tap you can turn on and off, my fear is that the tap once turned off, under Jetson, SBM will start suffering in terms of production quantities and exploration multiples into the market K.