RE:Gross EBITDA & PE multiple.Dr Holiday unlike Gamble you are phrasing it correctly ie it is your opinion. Gamble on the other hand is say the company has deciced to go into production and given they have not even produced a cost analyis that is simply a bold face lie. If he said, that his opinion there would be nothing wrong with that. Instead he just makes sht up!
As far as your opinion the largest most promising stockpile is only 25,000 tonnes the others are smaller and are just as likely to be wastepiles as stockpiles. So based on your first year EBITA they would wait a minute um a 250 ton mill that is only 100 days of production. To be fair let us call the other piles as half waste and half stockpile and about 1/2 the size so maybe 250 days of production so there would be no first year as they would be finished if you are talking the stockpile.
Additionally, it appears by the bulk sample the medium grade is only 1.47gpt! So the recovery will be just over a gram per ton maybe! That is the companies numbers not mine and they argue that the bulk sample is probably a better indicator of grade and recovery. So now adjust you numbers as the recovery would be about 5.25 ounces a day time say 250 days to finish all stockpiles. Bottom line probably not worth the bother!