I would say 14.5c is an accurate valuation ahead of reserve upgrades and feasibility study. This is based on the assumption that reserves of gold and copper currently stand at the equivalent of 500,000 ounces of gold, leaving a fair market cap of around $50 million.
Add 20% for short term blue sky and there is 16 cents so 17 cents may be too high.
But the market isn't always fair and it may go higher.
Cheers.
