The in situ value (assumes 100% recovery) of the 11 million tonnes of 1.78% nickel at $6.32/pound is ~$2.5 billion, or $10/share (using 250 million shares FD). These days I think it a safe bet to assume a maximum buyout of 10% of the insitu value of the resource depending on how much the resource has been derisked. Of course with NOT (as you alluded to) we have the copper and the PGM to boot, the upside of the inferred resources, as well as the exploration potential of the huge land package, all in addition to the chromite.

p.s. you made an error in your calculations by assuming the 10million metric tonnes is of 100% nickel

Cheers, Luker