this does not smell right, page-18

Well, sorry nectar38, but there is no logic at all in the statement that

"Value of SP at completion of BFS is notionally calculated as follows
Gold oz (reserve) x multiply by gold price per oz ($2,000-$2,200)divided by shares on issue

Say @ $2,000oz
900,000oz x $2,000 = $1,800,000,000 divided by shares on issue (say) 700,000,000 = 2.57 per share"

sure that's the value of the gold, but it is a gross overstatement of value, totally ignoring all mining and mine development costs, time value, and risk; plus while it includes some dilution along the lines of full options conversion, I'm not sure if that will be enough.

i woudl say each to their own, but this is a pretty fundamental calculation methodology we are talking about. At completion of BFS we will have all those costs etc estimated and an NPV calc. The bankers will certainly not fund on the basis of the value of the gold in the ground alone, ignoring costs

but yes, otherwise have appreciated your and hals posts