IMHO $6.4 is a very conservative estimate. The writer says so no less than 5 times.
The price of platinum is very undervalued relative to gold. No doubt when the economy picks up the price of platinum will be higher than gold.
"In addition to our target price, we believe there is further upside as the Wellgreen project is developed and de-risked. The Wellgreen scoping study could be ready as early as October and should examine the open pit potential of the deposit and evaluate the potential economics of developing the property. Our preliminary conceptual model of Wellgreen, which is detailed in Appendix III, attempts to answer some of those questions and gives us confidence in our target price since it suggests Wellgreen will have strong economics. Our conceptual model suggests a 25,000 tpd operation would support a 20+ year mine life, have a pre-tax NPV 10% of $1.3 billion and an IRR of 33%"
