I don't understand the OBM love, perhaps I've no delved deep...

I don't understand the OBM love, perhaps I've no delved deep enough into it and the market has it right but TBH I don't think so?

If you look at the SPR sectional drawings it's not out of the realms of possibility that the by the end of calendar year '25 SPR has confirmed a 3.5 - 4.5moz resource and by mid year a 1.7moz reserve @ 8.5g/t with a further reserve upgrade in calendar year to '26 to circa 2.5 - 3moz if we assume 75% conversion. Essentially a +300koz/pa production profile with 50% mill utilization and 1.25mt spare capacity. Put another lower grade ore source through the mill and you're up there in the 400mozpa category at what $1,500 - $1,800 AIC (conservatively) probably recovering +95%. Even at a gold price $1000 below spot we're talking about $700m EBITA, at spot +$1b EBITA.We're at 2.5x EBITA on conservative assumptions. Bare in mind most goldies trade on 5x and some darlings like EVN and NST are afforded 8x. I'm not willing to stick my neck out and place a valuation as it will make me end up look like a fool but I'm willing to bet it's a hell of a lot higher on FCF irrespective of the prevailing gold price or sentiment which is why SPR is now 43% of my portfolio. Happy to have my numbers corrected by those more learnereded than I.
Edit* sorry post ended up in the charts thread.