Unsure where you are going with this but the calclations you...

Unsure where you are going with this but the calclations you have come up with appear to be in the ball park.

Remember all the ores stated in the recent announcments are in ground and are not JORC Proven. So the asset you refer to is at this stage not proven.

A 'proven/ probable' JORC statement will take substantial drilling and modelling to arrive at. This is essentially what would be done for a bankable feasibility statement. At the moment, GCR is trying to increase the indicated status of the resource, with future drilling and resource delineation to be undertaken should the pre-feasibility numbers stack up.

I strongly suspect that the numbers todate/ to be announced will point the coy in the direction of a pre-feasibility statement. Pending a good result there, the BFS will be completed, which then leads the coy to production (ex Environmental approvals). Lots of money and time still required to take CH to production.

The current sp is what the market thinks GCR is worth. It factors in project risk, hence discounting the perceived asset value of CH. With increased certainty in CH, the SP should increase accordingly - which goes without saying.

In short, I think GCR has been valued as a high risk concern, with no value placed on upside such as CH resouce increase and/or exploration.

Remember, DYOR and act accordingly.

GC