Ann: Quarterly Activities Report and Appendix 5B, page-30

Once BC8 raises its debt/funding and becomes a developer, it should be worth $227 EV/oz according to the graph in LCD's preso dated on the 11/06. This is an average that does not specifically allow for location, grade, resource size, production costs of the better deposits. There are only a couple of developers at the moment according to them. They are Calidus and Capricorn. This very small club will be visited by BC8 shortly.
If we stick to your A$300m valuation and have 200m shares on issue, you can see why i get to $1.50 per share on stage one. Your numbers have just proved it another way.
Which ever way we do the numbers, BC8 is under valued. As the other post pointed out, the market is chasing other metals but that does not take away from the real value of these sorts of gold stocks. That is the opportunity to me assuming that the assets and management are capable of getting the job done. BC8 has that sorted. The market will balance that out as we get closer to the friggen obvious.