Fun with numbersThese are rough thumbnail numbers, are subject to lots of risk and offered with the caveat that I am not a mining engineer, but at the end of the day it all comes down to the Kobada projects valuation (and as always, the general appetite in the market for junior gold stocks): Based solely on the 2016 Feasability Study, the after tax net present value (NPV) of the Kobada Main Zone ie the value of the Main Zone in 2016 was USD 126MM based on a long-term price of gold (POG) of USD 1,400 per ounce (in terms of sensitivity to changes in the POG, that USD 126MM figure goes up USD $20MM for each USD 100 increase per ounce in the POG). What we know for sure is that the current metallurgy work based on the revised plant design shows an increase in gold recoveries from 82% to 95% (ie a 16% increase) and that gets us up to a NPV of USD 126MM x 1.16 = USD 145MM. We get that 16% increase from the recovery rate that was used in the 2016 Feasability Study (82%) versus the revised metallurgy work from a few months ago which resulted in gold recoveries of 95% (see the AGG Investor Deck). The rest here is pure conjecture: If the Phase 1 & Phase 2 drilling results show a higher average overall gold grade (and all the recent Press Releases seem to be point to that) of say, 33%, and I think it will because this is a nuggety deposit - the assays dont pick all the gold content up = and there is gold quite frankly everywhere in that Main Zone - then we get a NPV of USD 145 MM x 1.33 = ~ USD 193MM for the Main Zone. If the Phase 1 & Phase 2 results demonstrate more gold bearing tons of ore, say, 33% more, then we get a revised NPV of USD 193MM x 1.33 = USD 256 MM. In CAD terms that would equate to an NPV of 256MM x 1.4 = CAD 358MM. The 1.4 might be a little high because the CAD is currently in the tank and long term it will probably recover against the USD. And that CAD 358MM NPV value is based on only 50,000 oz per annum production (though it would be for a longer mine life and not the 7-8 years mine life used in the 2016 Feasability Study). So what does that mean for us AGG shareholders : well, the shares of AGG cant simply be CAD 358MM / 130MM fully diluted shares (ie CAD 2.75 per share) because the plant is not yet built and that will take further equity dilution on a typical finance package of 60% debt /40 equity. Plus AGGs share of the NPV will be 90% as the Malian government gets a free 10% carried interest. But it does provide some rough guidance. When Endeavour acquired Anvels Kalana Gold fully permitted but non-producing project in Mali 2017, they paid roughly half the NPV of the project. So if we use that as a guidepost we would look at CAD CAD 358MM / 2 / 130MM fully diluted common shares, equals $1.38 per share in terms of discounted potential. And none of this even includes in the valuation any blue sky potential (ie additional ounces that can be added through the drillbit) of Kobada. To me, it all goes to show how undervalued AGG is with a current market cap of CAD 19MM. I still like the ORE comparison. They have higher NPV based on their re-rated Feasability Study ( we are still waiting for ours), but they also have double the shares outstanding. We are further along in the permitting process (completed), they are almost there. They have $20MM in villager relocation costs, AGG has none. They have CAD 25MM in the bank, AGG has very little. Their capital costs to build their plant and infrastructure will be double or triple that of AGGs. So when you net out all the various factors, to me they are very similar. Also, jdn55 does draw an interesting comparison with Robex (RBX). They are knocking it out of the park now in terms of generating cash flow on a relatively small reserve of 300k ounces, low grade deposit and 50,000 ounces per annum production in Mali. The SEDAR filings show however that that project has gone through its own hell and a handbasket in terms of its history. In late 2014 they actually commissioned a plant that did not work. The family that controls RBX had to shut the plant down, redesign it, sink a further $20-30MM of their own money into RBX to avoid the plant being scrapped because no third party financier was ever going to finance that disaster. Anyway, kudos to them for sticking through with it as they have now turned it around and the POG is co-operating, but again it demonstrates just how difficult discovering and getting a gold mine into production actually is.