How did you get $85/oz on an EV basis? The resource assigned to TSO is currently 533 Koz and the EV based on the cash & equivalents at 30/9/21 plus net proceeds from the latest placement (and including the additional shares issued) is about $33M. That gives $62.2/oz.
With that level of resource, $62/oz is at least fully priced, if not over-priced.
Compare with AUC holding 1,540Koz of resource for an EV:Resource of $40.4/oz (includes 1Moz as Measured and Indicated, whereas TSO is all Inferred).
Ann: More wide gold zones intercepted at Ternera, page-16
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