BGL is quite a different animal from DEG. Very high grade...

BGL is quite a different animal from DEG. Very high grade resources with decent economics but moderate production vs low grade but widespead and increasing large resources and high production capacity. The recent PFS for BGL gives a better value to BGL and so I do not downcry BGL. in my view, while GOR, I have always felt has been overpriced merely on the basis of 50% of Gruyere (somehow people seem to lose sight of its JV percentage) while exploration for further nearby deposits has always been speculative and so far unproven in regards to its current valuation.
Hence, i consider that better comparisons should be chosen. Indeed, it is hard to make any decent comparison because DEG seems to be in a class of its own - a gold explorer with very high resources over a wide area that are still going to grow. Quite where this animal will end up is difficult to say, except that it holds a major resource at a scale that must attract interest from major international players who need additional large scale resources going forward. The SS with an IRR=49% post tax gives an indication but that is just an early stage assessment without the additional resources across a very wide holding that is being uncovered.