Ann: Diggers and Dealers Company Investor Presentation, page-12

I have bought into wmc over the last 2 weeks. Have a large holding now.
pog not too important as 160koz hedged at 2400, costs around 1700/oz. For next 12 months, ramp up to 120koz pa, profit 84mill after ramp up. So thats 53c/sh. Gold outlook positive also. Which will matter after ramp up. I estimate stock is worth 53c × 8 and allow 40% invested etc, so around $2.55 end next year. However, since the resource is heading to 12mil oz, and production path forward to 250koz, i suspect 3.5 to 5 may be possible. Am i missing something, because from where im sittng, this looks undervalued as mgment loose previous reputation of cash burning. If gold rises to 3000aud, a cap raise to fund stage2 shouldnt be an issue.