It was the outline of the drilling program and how tightly the stock is held that brought me back. They will make swiss cheese of Bulong and bring a modern and systematic exploration approach to what was a very rich historic goldfield, in close proximity to Kalgoorlie.
My calculations are very back of the envelope, $15mill EV/$60 per oz = 250k oz.
The $60 oz figure is probably a touch low and was based on the below comparison of developers. BC8 is pure exploration at this point but given the location, using a developer average makes sense to me.
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