I provided you with Net Present Value (NPV), which is the sum of future earnings, net of costs and discounted to the present and defined rate. That is not the same thing as Net Asset Value (NAV), which is the sum of all asset values, net of any liabilities.

At $1,300 Gold, assuming 60,000 oz production this year, and 100,000 next, followed by 200,000 oz thereafter, SGR's NPV would be:

NPV/Share CD$
$3.40 20% DR
$4.74 15% DR
$7.17 10% DR
$9.67 7% DR
$12.10 5% DR

We are trading now with ~20% discount rate, which is fair, I think, given the uncertainty in production. If show some signs of getting on track for Q4, I would think we'd be back to the $5 range. A couple of quarters of good production, and we're in double digits. Of course, $900 or $2,000 gold can change things quite a bit.

My next question is where Courtney and his sidekick get their next set of options priced, because you know there is going to be some selling pressure at about a 20% premium to that number.