Ann: Woodlark Gold Project advances - order of the grinding mills, page-8

My figures at SP of 29c and assigning the latest PFS figures with capital cost set down as debt, currently show:
EV = $22M
Production (est.) = 75Koz p.a.
EV to Production = $3230/oz
EV to Reserves = $234/oz
EV to Resources = $154/oz
AISC (est.) = $1239/oz

The updated PFS lowered the expected production from 100Koz p.a. If we assign 100Koz then I get:
EV to Production = $2423/oz

Comparing with KSN with PFS status but higher estimated production ($130Koz) and same jurisdiction; I get EV to Production of 2541/oz and EV to Reserves of $245/oz

I think the current pricing is in line with general market valuation. GPR is currently in development phase and has to be assessed accordingly. It is based on an island in PNG and not 100km from Kalgoorlie. KSN is a good comparison but KSN also has tenements in WA where it is actively exploring. GPR only has Woodlark. KSN has higher reserves and also resource plus some existing processing infrastructure. GPR has to build from ground up.