Yes and no. No one will make us an offer based on % of insitu value. Your right in that it doesn't happen. Ideally we would have a bankable feasibility study and know all the mining/processing/refining parameters, what power/access costs are going to be, capital costs, operating expenses, taxation deals etc. In lieu of that we could run our own guesstimates as to those parameters and use the lagging values of the mineral prices to estimate cash flow patterns and calculate NPV, IRR, Payback or any other financial metrics one likes but it to would be a ballpark estimate and beyond the ability of many to do with any degree of accuracy. Someone making an offer for the company would certainly go through the work of determining the maximum they could offer at their cost of capital to achieve a positive NPV. They would negotiate an offer somewhere below that. We would try to find someone with lower cost structures or strategic synergies that would yield a higher NPV and try to squeeze more out of them. 43-101 reserve calculations take it from the extreme metal in the volume of earth to a defined grade in a defined volume. For sure the same deposit located in different locations will have cost structures and different values. Similarly the shape of the deposit, rock conditions, political/geographic/social/cultural/economic/etc risks all influence value. As a non insider we only see how NOT compares to others. So lacking the details of a bankable feasibility study use comparatives to mines in the public domain to an determine an estimate of possible value. Right now risk is so high it makes any NPV attempt more or less worthless (notice the accuracy of the NOT analysts in the past 5 years or so). As certainty increases (if there are timely agreements etc) risk decreases and values will go up. In the meantime % of in situ value of a 'reserve' gives you an easy guesstimate/idea of how we are being valued. Far from perfect but at least something to work from. .... Been There