Same with BMO. The calculation based on financing mine at around $2.00 by issuing 315 mio shares. They only use a dept/equity ratio of .33 and pre-production capex of about 850 mio.

Considering all these assumptions is far away from evaluating current fair value of sp. And don't forget. The BMO sp target of 3,24$ is based on spot gold price. Small decline in gold price would change value of Probe sp significantly. Therefore using a spot gold price for such a calculation is not really professional, isn't it?

Bad job BMO.

Paschi