Thank you for letting me know!
I obviously didn't check their announcements further back enough. I have mistaken the Blayney Gold Project near McPhillamys for the entire McPhillamys project. I thought $3.25 million was very little for 2.03 mil reserve but Regis got it cheap due to the difficulty in obtaining approval and the capex requirement for development.So the book value of McPhillamys is more like 21 cents per share. Once developed, the total cost for it will be more like 550 million.
Ann: Resource and Reserve Growth to include Tropicana, page-23
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