below placement price, page-3

I agree that their market cap is a bit high compared to some other gold companies. But the grade is very good for open pit and most of the infrastructure is there, mine life is also long. When they start production they would be sitting at a PER of 4-5 (my calculation, DYOR), which would leave plenty of room for upside. Exploration success is also demonstrated quite well by IGR. It is however up to the investor whether he wants to pay a bit extra for quality assets.