The Company states a plant capacity of 180,000 tpa at 100%...

The Company states a plant capacity of 180,000 tpa at 100% capacity.
Of course it has never come anywhere near that and in the last 12 months has only processed 150kt. I don't give this management team any chance of exceeding that - even if its a dry summer this year, unike last year.
So:
150,000t at the 3g/t = about 14.5koz
= ~3.6koz / qtr
assume 90% recovery
= 3265oz/qtr production
= $9.8m revenue at A$3000/oz gold price
Staged cost target is A$2000/oz
= $7.2m opex
= $2.6m margin
annualised = $10m
vs an EV of $40m
= 4x casflow multiple

No bargain for such a unreliable operation, a Company with such a screwed up cap structure, perilous current financial condition and a management team that has not met any sort of target EVER.

Just my opinion