Hi E, I think you raise a very interesting sub question here...I...

Hi E, I think you raise a very interesting sub question here...I am not sure but the current cost base includes two types of costs...the costs to get to a 100,000 oz producer...AND the costs of drilling/next plan of getting from lets say 100,000 oz to 200,000 oz.

To me the first is acting like a "producer" ,the second are costs acting like an "explorer" (ie yet to get the benefit of producer income). We see and can forecast the future income side of the longer term potential.... But I do suspect that the ASIC does include the second type of costs (for some accounting or reporting reasons).
Your point may be correct, IF these "second" type costs are included in ASIC (as they may have to be) and IF the market is only pricing on the shorter term income outlook, there may be "Hiddenvalue" there. This could be by overestimating the costs that generate current income or by having a higher short term cash flow opportunity (ie your suggestion).
Net net you are correct with the question. I for one do not really understand the underlying cost base components , the trend or potential on the information disclosed. ... but the outlook does look very promising either way. Cheers.