-37 then +56% since IPO. So what is a realistic target for 2030?

Good question, I'm glad you asked :)

So, this is quite a bit more challenging to put a number on compared to the Westgold update I just published. Because, there isn't as much track record to go on and the multi-year guidance isn't there.

Personally, I am expecting them to fully utilise their rather vast processing capacity of 20Mtpa. So, just based on the current ore reserve statement, I would expect that 15.5Mtpa would be a mix of Main Dome underground, Telfer Open Pit, and lower grade stockpiles. Hard to say in what proportion, but I am putting that at a combined grade of 0.9gpt. At some point in the future, the planned underground ore crusher and ore transport system should reach the planned 4.2 to 4.5Mtpa level - I used 4.5Mtpa in my calculation. The grade I used was 2.6gpt.

That implies 13,950,000 grams from Main Dome etc and 11,700,000 from Haverion. This will be reduced by processing losses of about 15% to 21,802,500 grams Au or 700,977 ounces of gold. That is quite a significant number. If we value gold at a very conservative AUD5000/oz and current All in Sustaining Cost per ounce of AUD1849/oz that would imply a fair valuation (at some point in the furture) of between 2.5 times higher at low valuations and 3.7 times higher.

So, simple story; I expect Greatland to be worth around three times as much within 5 years. That is without further increases in the gold or copper price. It is also without acquisitions, ANTIPA seems to be a potential future take-over target as they have some impressive intercepts and have large exploration tenements adjacent to the Telfer processing plant.