At 33-36c you are paying for an assumed JORC resource of about 250k oz. Those lucky enough to participate in the IPO bought at a number closer to 80k oz. (based on $60 per EV/oz).
So there is some optimism priced in by the market, based on the location, POG and management experience. I'm ok with that, there is still upside to be had if they can piece together something closer to 500k oz, which is a reasonable stretch target for this years drilling and budget. I.e $10 per oz of resource discovery,
If $5mill spent (inc admin and wages).
Ann: Phase 1 of 2018 Drill Program Commences, page-11
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