still undervalues at a pe ratio of 4, page-2

Good analysis. You have missed VBurg prod from 2014, you have also included 210 in debt where I think the cash will pay for most of rand purchase. Also the cash costs would lower already with rand comming of 9% in two weeks and likely to go lower. However you also need to add development costs. However in the end if you add Vburg prod I think we will get to the same outcome of a cheap gold company on a low PE that will likely be rerated to a big mid cap producer with a higher PE.

For those interested, I asked about the claw back clause if they miss prod.
The answer Is fully details in the bidder statement but eg given of 10koz shortfall resulting in only 3 percent dilution. They are very confident pros will be hit - perhaps their ahead of schedule this quarter as well