valuation $ 1.30 per share

220m cash after Cloncurry deal

30m cash from White Dam Gold JV

30m cash from Great Australia copper royalty entitlement

Assigning a conservative valuation of 30m for its 2400km2 of highly prospective exploration tenements and targets in the Cloncurry region as well as its proven management team.

Total: 220+30+30+30= 310m

Divide by 237.35m share on issue

A valuation of $1.30 per share

That's a 90% upside from current price of 0.685.

If the deal fails apart in the worst case, the share price might go back to 0.62. You will lose 10% of your bet in this worst case.

But I guess is that even if the deal fails apart, the price will stay high because people know how much the Cloncurry project is worth now.