Production from Warrior is announced at 40,000 oz/year with...

Production from Warrior is announced at 40,000 oz/year with Sunburst to add 60,000 oz/year taking combined prod up to 100,000 oz within 18-20 months of getting Sunburst funded.

The 10 Moz resource if valued at $25/oz gives a result of $250 mill, and with 614 mill shares issued, suggests 40c/share. At $50/oz, it's 80c/share.

Given that the resource is well drilled, and a 68% conversion factor of resource to reserve (they intend to mine 6.8 Moz from the 10 Moz), then the 6.8 Moz could be valued at their profit per ounce. They did their feasibility at A$550 per oz (which is what the Oz gold price averaged for the last five years before it jumped to $800), so say A$200 per oz profit (cash costs A$350/oz), times 6.8 Moz divided by 614 mill shares gives max upside of A$2.20 per share.

That's why I bought in.