Significantly undervalued, CY20e EV/EBITDA of 1.2x, page-23

I just want to put this out there that St Barbara has a $250M Senior Secured Notes in 2013 when it is ramping up from exploration to production. It’s share price tanked from approx 0.60 to 0.15. In that time span, there is no capital raising via issuance of new shares. Between 2013 to 2017, St Barbara continues to ramp up its production and buy back the senior secured notes until the final payment was made in Feb 2017. Between that period of buy back, the share price moved from $0.15 to $2.50. Production became stabilised, with continued exploration. 

Current share price Feb 2019, $5.00. 

for those following Tawana long enough should understand the significance and influence of St Barbara has on this entity.