So why are you ignoring the value based on NPV which you, and others, were saying is a more appropriate than the metal in the ground? The PEA defines the value using NPV. Take 25% of 1100 million( 275 million), use a realistic % of that amount based on similar transactions or current market caps of other juniors, and then add the value from the JV. You and others are presenting valuations more than double the NPV, which is ridiculous. Stating it's just an opinion does not disguise what you are really doing. I'm putting out a warning to others not to invest based on the financial nonsense you post. One more thing, once you arrive at a realistic FMV you have to consider whether or not Elmer is capable of getting that value.