I get it Grant, but at the same time, and I know we've chatted about this many times on the board over the last 6 yrs, SP and property value are different things.  Reports often focus on SP premiums (SP is not always rational, but often based on trends and sentiment - Look at Teck, and better yet at Teck when it reached $3.75....I jumped in hard there because anyone who knew the company knew its SP was completely irrational - I would suspect you jumped in to as you seem very educated and familiar with Teck) , but like in real estate, I think board rooms look at property values and comps.  Thats why I ask YM if this property is apples to apples as far as all the other factors aside from pounds in the ground. 

Just my opinion,

Spitfire