Ann: Presentation - Noosa Mining and Investor Conference, page-202

Goldbuggalo,

Bottletree on early indications may contain 500m tonnes of ore.

Bhp bought oz minerals for plus 9.6b with around 1.5b tonnes of ore across varies sites.

If Spq has 1/3 of the ore. 3.2B

Oz minerals has operating mines etc. So if we remove 1.2b build costs. We get 2b. If we remove 1b risk, we get 1b.

Then there is cockie creek, dido and big mag.
Not forgetting steam engine.

I'd be looking at 800m to 1b based on oz minerals as fair price for Spq based on what we know today.

300m to the 500m would be undervalue I feel on potential of the other assets, or bottletree being larger than 500m tonnes of ore.