Looking at plain numbers, I agree with your calculations. From a numbers point of view, your PE of 15 is a little low IMO considering the growth forecast for number of ounces produced in future years. Also, the price per ounce is conservative as well, I believe this to be the high end of production costs, but for a safe approach, both these numbers will do. Also, I believe gold will go higher but that is blue sky that I am not willing to put in the equation.

The problem right now is the market does not believe those numbers. However, if CMM delivers on these, the believers will be rewarded and rewarded well in my opinion. That is why I am still here and still on the bid.

Glorieux