Ann: First Ore Produced at Witwatersrand Basin Project, page-114

i’d love it myself but that was expecting a number open pits & larger area permitted with 1.2b soi back then.

we’ve got about 2b soi rough now fully diluted & no OP.

however, U adds to the profitability matrix significantly once they can confirm resource & get an npv on stage 5 so it’s still good value long term.

my personal take is .24-25 area as next peak (not in the short term of course).

$1 is almost $1.8-2b mcap (prob $1.2-1.5b mcap post dilution for capex). Not sure how we get there unless pog & U are in a blow off top area (not for 66% of the project at least).

I’ll be surp if they don’t sell the project off at .30 (down the track after more packaging). Just don’t see it anywhere near the .50-$1 etc. not for the next 2-3 yrs (though stranger things have happened so who knows).