My Valuation in 3 years time $2 plus, page-5

Betting on gold price rising is never guaranteed. It is better to make the numbers a little more conservative (maybe just use today's numbers). This is how the whales play it, and they are mostly the ones that move the stock to extreme valuations.

take 50,000oz at $1000/oz profit so $50m pa

fully diluted shares at 218m, and let's add an extra 15% capital to get to the 50,000ozpa =
250m shares

take a reasonable PE of 5 (assuming a little bit of sentiment comes back to junior gold)

target = $1.0

In saying this, the real reason for stage 1 ops is to fund (a lot of) tunkillia expansion, so synergy is at play here. A 50% premium to a reasonable PE seems top end for this growth in a timeframe of 3 years before capital raising for tunkillia construction. Val would then be $1.5 at an absolute stretch if all the ducks were aligned. Still 6x from here..... I ain't complaining.

Lets hope the 3 year tarcoola MRE says 150koz @ 2Mt (for 2.33g/t) to support all these goals.

GLTAH