2021 what will it bring?, page-53

It is obvious the market does not believe that Caliber will be mined.
And yet in his interview this week, Antipa’s Chairman couldn’t have been more clear that this will be fed to Winu.

My simple calcs of what the market cap should be JUST on Citadel seeing light of day:
*Current Antipa EFFECTIVE ownership share of Citadel disclosed resource: 0.41Moz
*Say resource since has grown by 50% => Effective share grows to 0.62Moz
*Apply say USD300/oz in ground. Recall, improved economics since it would be fed to Winu saving on Capex, just like GGP/Telfer. (note GGP currently trades at ~USD500/oz, assuming 10moz at Havieron).
*=>Implied Antipa Equity value: USD190m = AUD250m => +2.2x vs share price.
*And that assumes ZERO value on any of Antipa’s other landholding.

HUGE UNDERVALUATION