So they paid $3.5B for immediate cash flows of about $120M to $170M US per year (at current gold prices), for 10-13 years + exploration potential?

Those cash flows seem close to what 25% of SC would generate once capex is paid with very conservative LT prices, not using SPOT.

Discount $3.5B by 15% for 10 years and that would be my fair value, minimum!

MoneyK