I laughed at the 3.00 as well until I had a second look.Rough...

I laughed at the 3.00 as well until I had a second look.

Rough working

Kourouba: 500m x 2000 m with a 10m thickness (based on drill results) and lets assume
a 1 g/t. That works out to be 868,083 Ozs

If you give it a lowly EV of $25 per Oz you get an EV of about $22m

Add in Aphrodite where they have 25% of 877 kOz which I would normally say is worth $50 per Oz - but as they only have a 25% interest call it $12.50 per Oz gives you another EV of $10m

so lets call it a total EV of $32m

After the transaction 120m shares on issue gives me an estimated SP of 0.25c.

The previous assumes a high risk dodgy brothers EV. If you now assume they actually do manage to get some drilling done and can define a resource then you can assume a more reasonable West Africa EV of $250 Per Oz.

$250 per Oz means the West African resource is worth $220m. Add in Aphrodite and you have an EV of $230m divided across 120m shares which gives me an SP of $1.90

Of course to raise the EV to $250 would require more drilling and more placements = more dilution = Lower SP

But even with this an SP of over a dollar is not unreasonable strangely enough - and with more exploration success $2 is not insane.

Not sure I am gonna buy in - but an interesting little stock. One for the patient with a reasonable risk tolerance.