Ann: Rupice Ore Reserves Upgrade, page-15

At today's commodity prices, the reserves are valued at around $US9.7 billion! Assuming the processing plant works as expected, then ADT will generate very large returns over a very long period.

While comparing BGL's underground gold project in WA (which has just poured its first gold) and ADT is like comparing apples and oranges, ADT looks undervalued. For example, BGL's gold reserves are 1.34 million ounces with a value in the ground of $US2.6 billion and resources of 3.1 million ounces with a value in the ground of $US6.1 billion. BGL has a market cap of $A2.0 billion while ADT has a market cap of $0.8 billion. So the market must be expecting that BGL's resources will become reserves in time. I also note that BGL's share price has gone from $1 to $1.70 over the past 12 months as production approaches, while ADT's share price has been flat over the past 12 months.