Depends on POG. The recent results in PNG have increased the...

Depends on POG. The recent results in PNG have increased the mine life and supports the sulphide exploration strategy announced a couple of years ago. As long as there are no issues, environmental (tailings getting pumped straight into the ocean) and labour (worker relations), a revalue to 40c-50c seems fair - based upon current resources/ AUD gold price. If gold keeps going, the SP should keep going from there. That's not bad.

Some good news in Canada, and its a different story - then its a re-rate. A green light for one of their operations and SBM valuation will be much higher. If all of the operations get going....that would be huge.

AUD gold price was pretty much half of what it is today when SBM paid 750m for Atlantic. Conservatively, you could argue a fully functioning Canadian operation should be worth 1bn on the balance sheet now. You'd be looking at a share price knocking on $2.