Upside PotentialThe consideration of a higher grade core and...

Upside Potential
The consideration of a higher grade core and treating an ~0.7g/t lower grade halo at Nogbele, infers that the grade could be closer to 2.5g/t or even 3g/t. So Banfora could be ~3mtpa @ ~3g/t & 92% recovery = 266,000ozpa, plus heap-leach treatment of the low grade. Add possibly a worst case of ~100,000ozpa from Tijirit and Gryphon?s market cap can easily be justified at ~$1bn or ~$3.30/share or ~ double the current share price. And that is without the exploration upside amongst its prospects and associates.