Ann: Never Never hits 952,900oz @ 5.74g/t, page-137

Have a read of the Peter Strauchan Sto**head article dated October 5, 2023 ... Good read but paragraph you would be most interested in is ...

"Valuation Multiples

The average AISC for ASX producers runs at around A$1,862/oz within a range of A$1,320 to A$2,200/oz.Multiples of EV/Resources for gold producers average around A$205/oz but generally ranging from $80-$300/oz while explorers trade on a much lower average of $84/oz.Trading multiples for EV/Reserve ounces average A$523/oz for producers, roughly equating to net present values per ounce, but ranging from $300 to $800/oz while explorers trade on an average multiple of $399/oz of Reserves. * thinks that low-cost gold producers with low debt would be more attractive to gold investors if they held no forward sales of metal."

The article goes on to quote Bell Potter numerously.

I guess SPR is a strange beast given they already have the plant in place .