A company doesn't have to be in production to have a high market cap. Or trade at a higher value. Look at degrey mining it hasn't mined hemi yet is looking at 500k ounces per year for 1.2 billion in revenue but is trading at around 3 billion.
if GBR gets to 1 million Oz and can produce 100k ounces per year with revenue of 240 million and it trades like degrey then we should be at about 480 million MC.
Reasonable valuation, page-6
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