Who knows? Lower limit $1.50 and upper limit $4.00 is a possible guess. Too many moving parts in terms of revenue and cost, gold price, how much discounting for risk you need to include, what the price is at the time, what is year zero in your DCF, etc...
Based on the numbers above, assuming a further 10-25% SOI dilution between now and then, to finance up to PFS, and AUD2500/oz - straight NPV(10) would be about $1.8-2.5B or $1.15-1.65/share. FCF maybe $5-6B. On a per ounce in the ground basis at $500/oz you'd get $1.50-3.50/share depending on whether you used MR or OR for the valuation. Is $500/oz reasonable, is $2500? Do you expect a premium for a quality asset? What about prospectivity? Who knows.
AFR - De Grey targets top five gold mine, page-116
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