Ann: Initial Scoping Studies Support Pathway to Production, page-32

That came out around the time of the placement. The stock target has only improved with the gold price, resource number and on milestones like todays.
I personally think they are very conservative. Its better to under promise and over deliver every time. For example, Petra have assumed a potential cost of $20-$30m to implement the second mill. (they came out together with all the gear, so they can be refitted) Management know this upfront, so you dont make obvious mistakes but not allowing for this if you want to engage the second mill. A mate of mine who knows this stuff backwards reckons its a fraction of that. I think that sort of thing will become more obvious when the company updates the market on its numbers and expanding the size of the mining equipment etc. I really only see these numbers improving. I previously mentioned that some of the much higher grade infill holes are trimmed for JORC, so that also allows for beating the numbers. If a gold company produces 100k oz pa and makes approx $1000 per oz, there is no way they will be trading at $1.26. This will be twice that going up.