@HimalayanHow I arrived is as per my earlier post, but I will...

@Himalayan

How I arrived is as per my earlier post, but I will repost here to make it easier:

average price of gold takeovers since 2009 (big companies paying for an inground JORC resource, per Moz) is $100, ranging from 73$ to 129$ (sounds low, but thats because its just inground, no facilities etc).

If abu has 2666 million shares (latest half yearly) then the evaluation of the market should be one of takeover +/-30%.

Currently, we have 1.57Moz resource:

1570000*$100/2666000000 = 5.8c (30% band = 3.8c to 7.6c, notice how it coincides almost perfectly with the 7.8c high)
so if we upgrade resources to 3Moz

we get:

3Moz*$100/2666000000 = 8-15c range (+/- 30% of 11.3c)
4Moz*$100/2666000000 = 12-19c range (+/-30% of 15c)

Just IMO, DYOR.