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ASXO thanks for bringing up the comparison with ADU its always healthy to benchmark your investment decisions. Here is the snapshot I came up with.

ADU 390M shares on issue
Plant 1.6 to 2.1Mtpa
Capital budget $70M New shares, $70M debt
Cash costs $492 USD
Production 100K oz

SBl has 3 times the shares will process a third of the ore and produce half the OZ of gold. This is true but there is one fact that makes it a screaming buy. SBL will do it all for less than $4M which is a tiny fraction of ADU's $70 to $100M budget. So even though we have tiny company it will one day roar into production at a fraction of the cost of this company.

Shares on issue does not matter, I agree with the comment about book value and earnings. My spread sheet at $400 costs and $1100 sale price gave us 3c earnings for 50K oz production. Its just that simple 3c earnings is a good result for a 2c investment...........