stock greed: Not wanting to rain on your parade, but you have made a few assumptions that may not apply.
Assumptions are ok provided you know what they are and that you agree with them.

First of all you calculated a price of a producing mine. Have you not noticed that Noront is far from a producer at this moment? So that price should not apply to today but at a time some five years from now. So would you want to invest $2 today if it is going to be only $4.60 five years from now, and how sure are you that it will be so then?

I suppose that you are just estimating for what it may be and therefore to get a feel for
what it should be today.

The first division which is by 2 is to separate the dollar value of operating, royalty and
taxes expenses among others from pure profit. A rule of thumb says half of in ground value, it varies from 40 to 60%. It will be on the high side for the massive and low on the disseminated resource.

But then you divide by 3, Why? You already have a ball park figure of the profit. So what is this "assured profit"? Nothin' doin', does not apply.

I think your value should be about 3 times higher due to the above assumption that I consider irrelevant.

Add the copper and the precious metals and the figure should be about four times higher. Lets ignore the fact that metal prices will most likely be much higher in the future than today.

Now you should see what I mean about making asumptions.

Finally:
Take that 4x$4.50=$18 that you may get some years from now on present Eagle resource and bring it forward to today. That is the sp value that we should be Today, chromite body not included.

Frankly I like LTGoldBull2's method better because I have been using it for years. Just add the copper, precious metals and chromite into the total value and you have near instant, though still vague results.