Ann: High-Grade Pepper discovery extended, page-82

Yes, fair. I could add a few more ounces to the Gilbey's update, based on the additional drilling at Sly Fox.

Overall, I'm trying to stay reasonably sensible, by discounting the Euroz valuation per ounce for Dalgaranga. We might get more for the Yalgoo ounces too, given they aren't too far from Deflector. And allowing $250m for capex/costs of the restart may be more than required.

As you say, anyone coming in to take control has to pay a premium as well and we may see a general uplift in share prices as larger numbers of investors get the hots for the gold mining industry.

So maybe a dollar is the starting point for a conversation. Taking it well above that is down to management's persuasiveness, further success with the drill bit, and the vicissitudes of the wider market..