Not sure about merging two companies but love your rough...

Not sure about merging two companies but love your rough calculation.

To support, my version of calculation as per below.

@ 12/03/2020 from the Ann - Kookynie Gold Project – Development Strategy & Exploration Target Update.

Quote: "Based on the above tabulation the Kookynie Gold Project has a total “Exploration Target” of between 294,000 ounces and 967,000 ounces and is inclusive of historically stated mineral resource estimates and previously excluded area of underground development. The work by the Company in drilling mapping sampling has supported historical work and provided confidence to include historical work in the “Exploration Target”.

Benchmark is Spectrum Metals, which is considered as one of MCT alike company.
From the article (Stock Head) quote: "Metalicity recently released a JORC exploration target of between 294,000oz and 967,000oz.To put that in perspective, Spectrum Metals had a resource of 355,000oz when it was taken over by Ramelius for $208m."

When these Anns and articles released, MCT had DCC, McTavish, Champion and Leipold (7) prospects however remember since then MCT has found extensions from known and unknow areas and has acquired new tenements (and we have the biggest portion in Kookynie Area)

So in conservative view IMO, let's say MCT will find 350,000 ounces (same as Specturm Metals) and factor the current gold price of approx. $1750/ ounces (pretty sure it was under 1600/ounces when Specturm had overtaken)

So let's start my version of calculation.

1) Estimated Resource Value (Gold price x ounces) / 208M (overtaken price) = 2.73 (multiple)
2) $612,500,000 ($1600 x 355,000) / 2.73 = Approx. 224M
3) MCT will have 51% of the take = 112M
4) MCT's current MC is approx. 23M. So my minimum target is 6c (x 5 from the current SP)

I think most of us will not satisfied with the minimum estimation and I am expecting more than minimum exploration target!! and that will be my upside potential.

This is in my opinion only and very very rough estimation.

Cheers