Personally I think he's right on the money,  if anything it could be a lot higher

if we are at 14.0 mm oz /eq plus 500k at Bonza that's 124.5 already

and thats based on cut off of 2.3

if cutoff was 1.0 we would have closer to 17 mm oz

add the 300-400 m between fdn and bonza and we are at 20mm oz

use a variety of insitu prices for a high grade in a safe political country

200= 4 billion = 27.58

250 = 5 billion = 34.48

300  = 6 billion = 41.38

350  = 7 billion = 48.28

Take your pick

safeharbour