At 4c, it will look cheap for sure, under the non-insignificant assumption that they can get to a meaningful and sustainable level of production reasonably soon.
After dilution, and assuming they can keep their average AISC below 1,000 US$, I see an IRR of around 40% pa on a 10-year period, with the POG here.
That said, before putting any more money into this, I would personally want to see some serious Board overhaul given the precedents.
IMHO+DYOR.
Ann: Kingsrose Raises A$5.4m via Convertible Loan Facility, page-10
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