Ann: More Significant High-Grade Au-Cu Intersections at Calibre, page-60

Exactly. Greatland Gold is valued at £1.1bn or AUD 2bn. As a reminder, this is for a 30% ownership in Havieron.
Let’s calculate the US$/oz valuation of Havieron implicit in the Greatland Gold’s shares:
I would say around 85% of its £1.1bn market cap is attributed to Havieron. The remaining 15%, amounting to c£170m, to the other assets (Scallywag 100%, rest at 30% JV).
Broad expectation today is for the MRE of Havieron (due this month) to show an initial resource of 6-7Moz.
Let’s say the market is looking ahead of that, and pricing in a bigger 10Moz resource.
=> The market is implicitly valuing Havieron at a massive cUS$500/oz.
((£1.1bn*1.34(usd conversion))/30%)/10Moz = US$490/oz.

This is THE number people need to register. Forget the US$100-200 you may be used to with other gold expl stocks.
This will be the multiple you will need to apply to Antipa‘s resources. As I described in my previous post, this is explained by the better economics of Havieron vs a typical explorer since ore will be processed at Telfer, slashing Capex needs. Antipa will benefit from treatment at Telfer too for its Wilki JV ore as well as that if its 100% land (Remember Newcrest holds a stake in Antipa). Similarly, Caliber’s ore will likely be processed at Winu in my view.

As such, as you can see, the upside potential to Antipa shares is very substantial; and something the market is totally missing at this stage.