Let's just look at a proper valuation of DE again. 700Mt x $800 per tonne gives us 5.6Billion $ in the ground. At 10% this is 560M. At 125M shares this is $4.48 per share. I am not counting in any blue sky at DE. I am also not giving any value to Windfall, New Brunswick, China, Mexico etc.

Now, the reason I use 10% is we do not have enough tonnage now, at today market prices to warrant a mine. If prices skyrocket for any one of many reason, then there is a point that even as we stand, we may have enough to warrant a mine. This is something that I have not heard being talked about so far on this site. What value would PGE have to climbed to, due to power shortages in South Africa (for 1 example) to increase the price of PGE so that our 7MT deposit is worth enough to justify a mine??? There may come a time even with nothing else around it where our high grades and proximity to the surface would justify a mine just for our small deposit. However, like many others here, I believe there is much more high grade ore out there in the Lowlands.

Once we assume we have enough tonnage to generate a mine, then the 10% figure goes out the window and hello Mr. 30%. This includes the buyout premium to remain somewhat concervative. Now at 30%, the deposit we have is worth 5.6B x 30% = 1.68B divide this by 125M shares and you now have 13.44$ per share.

Now this is why I think hitting a good hole at A2 will skyrocket our SP very close to $20 or more. Hitting A2 will indicate a second deposit which will increase tonnage from 7M tonnes to a higher amount and thus make a mine almost guaranteed. Increasing the likelyhood of a mine means our valuation now must be closer to the 30% of what is in the ground. So if A2 turns out to be half of A1, 3.5Mt at similar grades, then you have a valuation per share of 13.44 + 6.72 = $20.16

Now if there is something I am missing please correct me.

Warmest regards,

Glorieux