Ann: Advance to undertake drilling at the Myrtleford Gold Project, page-66

The value is trivial unless they can triple the reserves.There are hundreds of ASX gold mining companies having 200k-400k reserves but how many became producers? Most reproduced but very few did it from the scratch. The valuation of a mine is either black or white, there is no partial valuation if it’s uneconomical.
Gold exploder’s MC cap is fair valued at 1% of the reserves, which is 200k*2700/100=5.4m usd=8.7m aud. With the coming CR, current price is close to fair value.
Of course the MC will increase with good drilling results but who can guarantee? Otherwise why the mine was sold? Saying 100g/t Au is a pipe dream, the seller is not a moron.
i admit it’s not high risky at current price and that’s the reason i might reenter after the CR.