I'm curious as to where the $475/oz comes from. I was of the understanding that an accepted valuation criterion is $150 US in the ground.

That's my point. 1.6 million ounces would give us a much smaller market cap. Using $150 an ounce would cut our share price by more than 2/3's. Ouch. Which is exactly why the market is anticipating a lot more in the ground than 1.6 million ounces.

Market cap divided by ounces.

(265 million x shareprice)/1.6 million ounces

Note - I am using the quoted ounces from the main post.

FWIW, today's close values 1.6 million ounces at $493 and change.