Easy calculation.Assuming $1200 per ton and the initial 40,000...

Easy calculation.

Assuming $1200 per ton and the initial 40,000 TPA that is income of $48,000,000.
P/E of ten would give MC for $480M which will be about $1 per share. This is very approximate with a lot of unknown final numbers.

What will the average price per ton be? Don't know yet. We won't start getting production figures until H2 and I question if we will ever be told what prices have been negotiated as they are commercially sensitive.
How many shares will there be once BMCG (or what ever they are called) finish converting - don't know.

Then we know the plant can expand volume up close to 50k TPA.
Additionally WKT has other claims. Scotland has been drilling but we are yet to get results. Aramani gold also could add good value to the WKT SP.

Plenty of potential upside to the SP, but still plenty of unknowns. Appears instos are waiting for plant performance to be proven before they consider enough risk removed.

Do your own research