new investors perspective

I have bought this today and yesterday after their resource update with a maiden resource for Old Pirate.
Old Pirate; 1.673 Mt at 10.50g/t for 565,000oz.
70% of this is down to only 70ms below surface (starting at surface).
Maiden resource only and room for some increase in size.
I am working on 600,000oz in pit at low strip ratio after extending the resource through drilling program just about to begin.
Interesting that Patterson’s are tipping 1 mill oz.

Only 45km’s from a potential toll treating plant (MOU in place).
Linked by minor road and only same distance from a major road.

10.5g/t starting at surface with a low waste to ore ratio.
Recovery to date is an amazing 99.5% with 85% from gravity.
These two facts should keep cash costs (before toll treating costs) below $400.
SLR has lower grades being mined by hand underground and is projecting $550/oz (or closer to $750 with u/g development costs).

I have run some numbers through a spreadsheet.
I used an unlikely scenario of a stand alone project with capital cost of $245mill for a 2Mtpa plant and infrastructure.
That would be sufficient to process the entire ore body in just one year to produce the 600,000oz (assuming some exploration success to add to the current 565,000oz maiden resource).
At that rate the $400 cash costs are probably too high, but using that, I get cash surplus of $731mill (spot gold and AUD).
Deduct the capital costs (all in one year), admin etc to arrive at $465mill before taxes.
I deducted NT’s 18% royalty on profits and then applied 30% tax (too conservative as they will have tax losses to offset).
Profit after all costs and taxes $267mill. More likely over $300 mill with tax offsets.
Profit after royalty but before corp. tax is $380mill.
Current EV is only 143mill fully diluted (diluted market cap at 4.8c is 169mill with 26mill cash).
Reality is much more likely to be toll treatment with much lower costs than the 245mill I allowed for owner plant and infrastructure, so profit after all costs and taxes should easily exceed $350 mill and could be higher than $400mill depending on toll treatment costs and actual tax.
Short term upside on Old Pirate alone is probably much better than double the current market cap.

That gives no value for Buccaneer with its 44Mt at 1.1g/t for 1.56mill oz (higher cut-off grade) resource and no value for Hyperion and large exploration tenements.

Re chart;
Over the last 3 years this has roughly doubled in price 5 times, and roughly halved in price 5 times.
It’s now roughly halved and it’s now come out with a very solid maiden resource which I'm sure others have noticed as I have.

Next move?