What I find interesting is that even with D's negative impact of some $500M using spot prices vs the FS's 3-year average prices is that we are still looking at an NPV likely north of $2 billion which translates into $1.21 per CUU share for our 25% of the JV.

That is, of course, if we realize full value. Looking at Duluth Metals, the NPV for the Twin Metals project was pegged at $1.36 billion in the PFS. The project is being sold for less than $100 million.

Granted we are not Duluth Metals. CUU is in a much better position financially, but I entertain no illusions that we'll get top dollar. As you mention with the other calculations, reality will probably lie somewhere in the middle, unless metal prices rebounds sharply and projections of copper shortages abound. Then we can start rubbing our hands together greedily.