HGO - Chart, page-6

Addition to the AllOrds would be most helpful as a "permission" for a range of Institutional Investors.
Current Mine Plan has "43.5Kt of Cu over the first 4 years".
We followers of HGO ("almost religious believers") think that it will be higher, but let us use that for the moment.
Re valuation, when S32 bought into the operating but improvable Sierra Gorda (in Chile) over a year ago, it showed the following chart of valuation:

Using this to value HGO's Kanmantoo gives a valuation of HGO's operational 10.8ktpa Cu mine (at "pure play copper peers" multiple of 29.2) of USD$315M or aver AUD$450M.
Of course, Kanmantoo underground is some 9-12 months away from demonstrating and proving that operational capability, so that multiple is not yet warranted.
But every month there is progress.