Hi @chuk, take a look at gold play TGM.
I haven't done the maths, it's probably not quite a multiple of 1 but it's fairly low. Start up CAPEX is very low (USD$77mil), IRR is very high (65%), all in costs are super low (USD$788 oz) as they are in Africa and current market cap roughly similar to Minbos. They are have a large recourse and are aiming to get up to 90koz within 2ys then 160koz within 5yrs. They already have a funding term sheet from Sprott, arguably the number 1 Gold investor in the world.
I think they are definitely one of the most undervalued gold plays on the ASX. By the time they are a 160koz p/yr producer their market cap should be somewhere between 500mil - 1bil depending on Gold price if you compare them to other ASX gold plays doing those numbers.
In saying all the above I still think Minbos is the best junior minor / developer on the ASX, I hold them in a personal account and my self managed super and got my parents onto them as well.
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