A nice bit of exposure for Mandilla, page-6

About AU$1bn income net of expenses over project length assuming gold AU$2,800 and mining and other related expenses say roughly $1,800. That AU$1,800 could be as low as $1,200, doubt any higher - plenty of prior views on here last few weeks giving their numbers based on their better experience than me. So calc that as you will.

Then subtract overhead, allow for deductions and subtract tax from that result. So maybe back to $700m. Then divide by shares on offer, currently 350m shares. So now towards $2/share. Then reduce that by risk of it actually happening (75%, 50%, 25%?).

Whereas currently we have 115k ounces giving net income AU$115m divided by 350m shares is 30c a share less risk..

The above is not that accurate, purposely simplistic and not how you'd calc a share price for a longer term mine life, but you get the drift.