My 15-20 month price target is $0.85 based on peer analysis...

My 15-20 month price target is $0.85 based on peer analysis (MCAP and pa production) of producers PNR, DCN & GCY. From these peers I calculated an average MCAP per koz production of $2.39M.

So $2.39M x 53 koz = $126.5M MCAP. Divide by fully-diluted share issue approx 149M (includes all performance rights and options) and we get $0.85 per share.

This doesn't take into account any dilution that may occur from the financing solution - whatever that ends up being.