In fact, when using reasonable long term metal prices, I still think our 25% is worth anywhere between 500M-800M + future royalties in a good market environment, but i'm curious to understand how you can mathematically come up with a valuation over 2B for our 25%.

Look what Teck paid for the minority 13.5% interest in QB2.  That's the benchmark these days and QB2 has at minimum 4x the resources in the ground vs. what they put in the FS.

MoneyK