General Discussion Topics, page-2423

Didn't look at Andy Well but did find info on in the ground evaluations.

10 years ago when gold was around 1100USD/oz the average gold in ground valuation was 90USD/oz. Some were as much as half that and others as much as double. The avg was from 256 transactions from 1996 to 2015.

Infrastructure, Access, depth, grade, etc all play the biggest role in evaluating (cut off grade and ASIC) not number for ounces interestingly.

GBR meet all of these in spades imo. Shallow, high grade, next to other mines and infrastructure. Therefore 90 comparison is reasonable.

So take 1800USD/oz and extrapolate the 90USD/oz and you can arrive at that ~200AUD/oz. Buying at 124AUD/Oz and selling for 2680AUD/oz seems like a good business.