Ann: Managing Director Company Update, 121 Conference Cape Town, page-39

perhaps Bobadah but AJM, PLS went between 1 and 2x NPV on production and AGY at stage one hit 400m on production and AGY is a fraction of the mine that TNG will be.

my comment was based on peer analysis - but anything is possible

i do note however that both PLS and AGY have come back considerably- PLS from $1.15 to 0.65c (currently market cap 1+ billion which is just over 1x its NPV from memory which was 880m) and AJM down from 40+ cents to .14c (current market cap 280m and NPV was 380m from memory)