Valuation, page-141

Very simplistic view of the world but looking at the costs quoted to date from earlier studies and resource available at Miraflores.

There is 840000oz or $A1.4B worth of gold in the ground. With a project cost estimated to be about $US72m lets round this to $100m Australian dollars for simplicity and a AISC for production of 643/oz Au there is $737,880,00 worth of gold available for a $2M MC company using $50m in interest costs being paid on $100M capex over 5 years. Totally not a way to look at a project but it is very crude and allows for some overrun...
This $737M of gold just from Miraflores has to be a compelling case for development and push the MC of this company to at least $20m later this year fully diluted (SP = 1.1c) and this doesn't take into account any upside available from Tesorito and Chuscal…

More reasoning behind why this is my ASX Gold Sleeper stock of 2019....