presentation, page-9

Unya, further to your post, $600-700 is not npat. That is gross margin. This also throws out your $40m figure. Npat is net profit after tax and c3 costs do not include tax from my understanding. So you can wipe 30% off it straight away to get approx $28m. Pe of 8 is too high for single commodity/mine and would realistically only get 2-3x depending on market of course. So that is about $80 -85m market cap without accounting for further dilutions besides the one you flagged.

But I think gold will be much higher than the price you used which I suspect you did on a conservative basis, so this stock offers fantastic leverage should gold get to $1500-1600. Btw $28m isn't too shabby either.

Management have dropped the ball completely with cr and will now have to pay for it. Do they think the market don't understand cashflow reports? That preso was one of the dumbest things I have seen if they're trying to raise cash.