You're not factoring other things.

Elmer today wouldn't be interested in a takeover! YET......

2023 Drilling is 2-3 weeks away. He's likely staying for this value add program. It's 9k metres into the deposit.

Drilling increases resource certainty, we likely will add tonnage to our resource estimate, hit more inferred resources with the 9k drilling- all this adds great value to SC and Copper Fox. There's also the meta study, construction report, and maybe a revised pea as the "recent" one doesn't include value-adds from the last 3 SC programs! Throw in higher metal pricing.....it's a whole new npv closer to fair value. As Mk stated, likely over 3B after tax npv today!