At a gold price of US$1600 the NPV of the project was about 12c...

At a gold price of US$1600 the NPV of the project was about 12c a share from memory, pre-consolidation, = $3 a share post-consolidation. The $A has fallen considerably since then, which improves the gold price for us but presumably also increases costs. 16 months has passed since the DFS was done, so 16 months of discount can be removed from the NPV and 16 months of uncertainty can be removed from whether we will get to a mine!

All in all, I reckon if the first pour was tomorrow the share price would have to be north of $3.

That's without the exploration upside.