8c, page-16

The EV is about $12M give or take, multiples under SO4 and AMN, so 7-8 bags lower than AMN, or a bit more as they will need another placement soon with sub $2M cash. No reason why GPH cannot trade at these levels and higher provided the resource supports higher production rates and management make this change in plan. AMN for example tripled in about 6 weeks once the market figured out their project had some legs. Expect GPH opex at the same production rates would be 25-50% lower compared to AMN.