Let's put a few examples out there to compare:

Santacruz in September had PEA with NPV of $104M, current MC is $33M or 30% of NPV

Caledonia in December had PEA with NPV of $147M, current MC is $39M or 26% of NPV

Avnel Gold in March had PEA with NPV of $194M, current MC is $79M or 40% of NPV

Kaminak Gold in June had PEA with NPV Of $522M, current MC is $110M or 21% of NPV

Now, if our NPV comes out at $2B and we trade at a 25% of NPV, we would be trading at $8.33

$2B is based on $8500 per ton and costs of $2000 per ton with 8% discount rate.

Blue skies...yeah and then some IMO!

Glorieux