Based on them producing 50,000oz in the first stage? What price...

Based on them producing 50,000oz in the first stage? What price you assuming gold to be at at that time? How much dilution/cap raises are you expecting to happen?

I think this all depends on the gold price and if the market will focus on gold miners due to increased gold prices. If gold was to break over 3000usd an ounce over the next 24 months, miners could enter a mania phase and overshoot valuations, so instead of the market cap being 8 to 12 times revenue, it could go 20 to 30 times.

I will just do a quick scenario if all the ducks line up:

Barton is producing 50,000oz per annum with stage 1 works

Gold is at 3500aud

Cost per ounce to produce is 1500aud, 2000aud potential profits

50,000 x 2000 is 100 million in cash flow

We end up with 220 million SOI and the market isn't in a mania phase but fair value of 10x revenue

100 million x 10, 1 billion dollar MC, divide by 220 million SOI

$4.50 per share. This is all crystal ball bullshit guessing so don't go mental at me.