Tolga is a major shareholder, page-9

so, there seems a lot of chats about valuation being high. fair comments especially after the company had issued shares at 3 cents recently but not much seemed to have come out. not sure if anyone mentioned this (just a thought)

say if they mine 150k oz gold from existing resource (Melville) and makes $1,000 per oz implying all costs is about $1,800 (today's price) or 270million which is large. the profit it makes is 150 million. and valuation is cheap.

risk is

can they find more? (exploration risk)
gold price, where is it going?
what's the going rate for gold resources at the moment?