It depends on how the IRR which depends on Capex and IRR etc. That all depends on the level of production over the life of the mine. Too many unknowns to have a single number.

My napkin calcs tell me a fair price would be between $3.97 and $5.01 if the Capex stays at $2.9B to $3.98B range for 120k to 180k tpd production levels. Includes the value of TCKs earn in ($79M expenditures). The starter pit size and grade can move these numbers significantly.

I've sharpend my calcs as much as I reasonably can. That does not include the value of the remaining properties which are probably only worth a bit more than the purchase price last year and a premium from the geo data obtained from them (A-mags, Titans etc). We dont' know that much more about them than what the A-mags and Titans say and that needs to be confirmed by lots of drilling.

dyodd