Ann: Mining Right Granted at Witwatersrand Basin Project, page-141

@LJohn

DEG is such a different kind of resource and different kind of project that it's not a good comparison at all. You're just going to mislead yourself and others if you're using that as a comparison.

I actually more or less agree with your numbers to be clear - we are only apart on the annual production numbers (me 60k you 80k).

Going with your numbers at 80k oz pa is your $400M x 0.66 for ownership so $264M total. WWI is currently trading around half that figure (market cap around $130M) which is about right for pre-production in my view.

If everything goes right from here it will peak around 20c (ie around your $264M market cap) when it gets into full scale production - less any dilution for a capital raise to fund the project.

The cap raise might make it hard to get to that 0.2, but that will depend on how they finance the project and how much equity is involved.

So overall I think you and I are actually in complete agreement, other than the 60k vs 80k production. Using your 80k then 20c is a good long term stretch target.