B,

I certainly can't argue with your numbers. The point to be made, I think, is that using any reasonable numbers SFMI is way undervalued. Even if you make extremely conservative assumptions at every step you wind up with multiples of the present share price. This will be obvious once SFMI starts producing, at any rate, and revenues start coming in. This is very different from a lot of startup miners where you have to be very careful with your numbers and calcs just to figure out whether the company has a chance to be profitable at all.

spiny