Ann: Drilling hits visible gold over 1km deep below Never Never, page-125

Is SPR overvalued?

Current Market Cap 589m
Estimated 25 million cash.
Enterprise Value 564 million

Using NN OVM graph, my model suggests a maiden project wide reserve of between 800k to 1 million ounces (70% resource to reserve conversion for NN 50% conversion for FP,WW,SLY).

564,000,000 / 800,000 oz = $705 per reserve oz
564,000,000 / 1,000,000 oz = $564 per reserve oz

Average EV $ per reserve ounce using my Aussie producer watchlist = $792
The low and high reserve value assumptions are both valued lower than average.
Doesn't appear to be overvalued when considering Dalagaranga project average reserve grade will likely land in the top quartile of this list.
Note: Market caps in this table have not been adjusted for the week so this average number will be higher than $792.