here's how i see it, page-3

On the assumption the York transaction proceeds according to plan, I get the following in ground valuations for our existing JORC reserve / resource.

At 50c a tonne.......$130m

At 60c a tonne........$156m

Current market cap...$60m

Conversion of our exploration upside estimates to a resource would at least double the above in ground valuations.

But the real upside is what sort of per tonne valuations do we give our resource when deals are signed for mine gate offtake, and production commences? $3 a tonne?, $5 a tonne??

Worth remembering that this will probably be a reality in around a year from now.