Ann: Hits up to 129g/t Au Point to Southern Extensions at Rothsay, page-5

One of the peers I used PNR.AX has P/E:

• 12.2 (https://finance.yahoo.com/quote/pnr.ax?ltr=1) or
• 11.9 (https://www.marketindex.com.au/asx/pnr)

Disclosure - I'm not invested in PNR but purely mentioned here for comparison.

They are a good peer because they are also doing underground mining and produced 52 koz last year.

So if I use a more conservative P/E of 5.0 for EGA. Would think a 2 to 3-year target of $1.01 following completion of 1.5 year payback:



My calculation above uses a USD $1198 gold price. Now if we have a bull run ...

This doesn't take into account future growth in reserves that could support a higher level of production.