You're all wrong. The unrisked value is very large and I won't say what it is. Even the risked valuation is much much larger than $1.20. The brokers are having trouble to justify why the market price is as low as it is. They reason rightly that even risked reserves will never be fully valued by the market....therefore, they mark the risked valuation down by a very substantial margin to arrive at a target market price of $1.20.
That price was struck before the agreement to farmin to Muness. However, it does include the risked value of Jaguar...but at a substantial discount as detailed above.
I have seen the research piece.
regards
DF
1.20, page-10
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