nsl true worth post jv, page-12

JV - NSL entitled to 100MT of Iron ORE @ 60% FE.
100MT (x) .60% = 60MT
recovery rate 70%
60MT (x) .70% = 42MT
Cost per tonne of extraction, transport, labour etc = $20
$20 (x) 42MT = 840M
$100 per tonne based on increasing iron ore prices from when they start extracting it and selling it.
100 x 42MT = 4.2B
Value 4.2B - cost 840M = 3.36B
capital to fund project = say 2 billion shares.
current shares outstanding = 300M
total = 2.3B shares
3.36 (/) 2.3 = $1.46 share value

any opinions ?