re: $3 upside - don't take it from me. - just go to the CTO...

re: $3 upside - don't take it from me.
- just go to the CTO website , there's an independent analyst report with a share price target above $3.

I believe that this project will produce 300,000 oz/annum plus - with or without CTO in charge.
If CTO doesn't do it there'll be other keen goldies that would relish the opportunity.

(There were consecutive 14 years where this goldfield produced 200,000 oz/annum plus historically).

the NTA is real (was independently assessed by sandercock consultants) and you can mortgage against it - providing you have the necessary cash flow I suppose(which i acknowledge CTO does not have at this stage.
CTO or whoever takes over will have the potential to mortgage $227 mill worth of NTA.

You're right - I'm comparing a different company one with 7x more resource than Ballarat and higher grade than Ballarat - which should more than compensate for the fact that we are not in the peak of the resource boom - yet gold is not far off its recent boom price.