Ann: Alexander River Resource Estimate, page-12

In my view, if the bottom end of the exploration target is delivered upon in the MRE at 500koz at 5g a ton, SNG valuation becomes $35m to $45m with a $70-$80 per resource ounce attributable to a high grade resource of over 4g a ton. There are fewer than 20 gold mines globally with a resource grade above 5g a ton. If they hit the top end at 700k oz at 7g a ton, then its $49m to $56m market cap for a tier 1 jurisdiction such as New Zealand. Naturally, sentiment plays a big part, its a volatile market and there's never a guarantee, but its nonsense to suggest these deliverables are already priced into a $22m current market cap. There are ample WA explorers with higher market caps and zero deliverables on the horizon