Ann: Gwalia Mass Extraction Feasibility Study, Guidance & webcast, page-28

Depending on POG and lots of factors, it is not totally inconceivable that they might only get $150m pa free cashflow pa for 6 years (which would be very good cashflow), and have some decent Plant and Equip and tenements and possibility of longer mine life after that. You might get 0.9b ish on your investment very roughly, which would need to be discounted. Anything else might be a bonus. They have about $380m in net current assets. You would expect plant and equipment to be run down and not shiny and polished. There will be other prospects to add some value I would expect.

So a (pessimistic?) back of envelope val could be $1.3b, or $2.50 ish possibly. I'm a fast but superficial analyst I admit - 5 mm deep - 10 miles wide - should burn my investment analyst certificate. Hope somebody better at valuing a miner will give a rough estimate.