Ann: Cascavel Gold Mine - Gekko equipment importation completed-OGX.AX, page-34

I wouldn't consider HAV to be a comparable near term producer to OGX on a number of measures:

- Open pit as opposed to underground.
- JORC resource as opposed to no JORC, but as you say we hope to mine a considerably higher grade.
- HAV have a much larger processing facility.
- Country risk: Aussie domiciled producers will always trade at a premium to overseas producers.
- We also have a large number of "in the money" options on issue, so i use a ballpark fully diluted share capital of 400M when calculating a valuation.

There's probably more, but i haven't looked too closely into HAV.

For mine, I would consider KRM to be closer match on most of the above measures.
Hopefully we are better managed, and won't have the operational issues that has hindered their performance.

Until we achieve steady state production in a few months time, and we have a better idea of grades and profitability, i have made several assumptions that value OGX at up to $90M or $0.23 per share.

So yes, approximately double the current market cap.