Have a look at the Hartleys report form 23rd May (page 8). $700/tonne is in the higher range for profitability and will justify a higher market cap.
Remember it wast the resource size so much as the price per tonne minus opex so $700/tonne is very good.
http://goldphyre.com.au/gph/wp-content/uploads/2016/05/GPH-20150523-External.pdf
Check out page 8 where price assumptions north of $700 produce a 12 month target of 40c.
Ann: Maiden SOP Resource Estimate-GPH.AX, page-11
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