Here's my calculation for what it's worth. No warranty is expressed or implied. It's simply an estimate of the value of SC based on a similar market transaction and was compared to other estimates I have seen or done. The conversion of gold value would have to be updated as the numbers were good at the time I did the calculation:

Teck paid $ 25 MM for balance of AQM

AQM (ex Teck) had 0.7* 30= 21% of Zafranal

Using $1200/oz au and $ 3/lb copper then 1 oz = 400 lbs cu

3.5 billion lbs 2P cu

891,000 oz = 0.356 billion lbs cu

Total CuEq is 3.8564 billion lbs cu

AQM (ex Teck) is 0.21 * 3.8564 billion = 810 million lbs CuEq

Price is 0.03 $/lb, reasonable

Total CUU CuEq (2016) is 2.568 billion lbs

Total FD share count is 439.1 million

Price per share = .03*2568/439.1 = $ 0.175 per share

Then you must add the unspent value from the JV.

There’s $ 40 MM in future payments and $ 41 MM in funding for pre sanction work( out of the $ 60 MM paid solely by Teck, which gives a $ 15 MM value to CUU less the ~ $ 5 MM apportion spent already to date) .

Assume $ 10 MM plus $ 40 MM give $ 50 MM in value from the JV.

Add the .03*2568 = 77.04 + 50 = 127.04 / 439.1 = $ 0.29 per share 

If anyone wants to go through and confirm or correct I would welcome to see the results. I see this as a ballpark estimate and would put a +/- range on it to determine where my average share price should be.