Hi Sav,
You'll find that SDL has much more than 500MT of ore, that's just the DSO portion (60%+ IO). They also have lower grade heamatite totalling 2.3 bill tonnes, with scope to have that reach almost 4 bill tonnes.
In terms of mining (if it ever gets there) SDL also looking at 35Mt per annum as opposed to our base case of 15mt per annum, although I hope our number rises on the back of some more good exploration.
But i do agree our SP is undervalued atm.
sundance 500mil/tons@40/50cents, page-5
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