The closest company on the ASX that I can see to your estimate would be BGL regarding AuEq. Even if your out by 10/20% it seems like a fair comparison? It’s pure play gold with recoveries likely higher than expected here though.
They just released a resource of 4MT at 11.8 g/t for 1.53Moz but going as deep as to 600m, Open all directions with more upgrades on the cards in Q2 and that includes a high grade zone of 22g/t for 500k oz.
Current MC $A225m with ~$10m cash.
I think the disconnect right now is just getting that resources put down on paper and promoted along with the expansionary upside potential
Ann: Adriatic delivers Thickest & Highest Grade Intercept, page-80
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