Well, smashed down even my estimate but at least reality can now start to prevail.
Based on JV with 85% and TSO holding 95% of subsidiary, I get EV to Resource of $72.5/oz. using current SP of 10.5c.
That is looking like a more reasonable valuation but still not cheap, especially for largely inferred resources.
Where to from here? More hype probably, once the panic calms down.
Ann: Maiden Mineral Resource Estimate sets foundation at El Zorro, page-43
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