Ann: Investor Presentation NWR Near Term Producers Conference, page-40

While not being totally relevant for this case, there was a desktop analysis done a couple in 2020 looking at valuations of African juniors compared to their global peers. However, the article does help in understanding where the baseline sits.

https://seekingalpha.com/article/4357054-african-gold-juniors-valuations-q2-2020

The bottom line is that African junior explorers were commanding an average of $42.02/oz (which I'm guessing hasn't fluctuated too much since 2020) vs. the global average of $55/oz globally, and $70.07 in the USA and Canada. So paying $164/oz definitely appears to be on the high side, even for a Tier-1 jurisdiction.

Now, given that the the most important asset that this group of juniors had at the time was a maiden MRE and probably not much else, the question becomes what extra premium does being fully funded to production, a completed DFS and already reaching constrution phase command? With the project now being significantly de-risked (although not totally risk free), clearly there should be a significant premium to $42.02/oz.

Somehwere in the region of 60-80c ($140 - 180/oz?) could be about right, but I'd struggle to see this obtaining s/h approval. So personally not over-concerned about a t/o at this stage. And there is a LOT of exploration upside in this belt as well.