Ann: Scoping Study for Ulysses Gold Project, page-4

Simple back of envelope calcs from this. 358,000 over 4 years at aisc $1,100 (first year high) with lets say $500 margin ($1,600aud gold price) gives $179mill. If pure debt for construction then take out the payback of $84.4mill - gives $94.6mill profit or $23.7mill per year. Put a p/e of 7 (keeping it low) lets say and you get a foward market cap of $165mill or share price of $0.17
But dilution most probable for construction. Means more yearly profits but also larger shares on registry thus amended market cap.
Noted they used 2g/t cut-off to get 3.01 at 4.1g/t for the study. So heaps more gold could be added to reserves from here.
Mine start 2021 not too far off. PFS will give more accurate picture. Overall good bases. Still think it will get swallowed up though.