I did the same calculation and reached a similar figure.
Grace alone 109,000 oz au is worth more than the entire MC at the TO resource ounce $ that RMS paid for Penny,
The overall resource value of around $43 oz au is very low at the current MC and POG.
And then there are the regional assets such as Sovereign and the Youanmi Shear exploration upside which is huge.
Plus the infrastructure.
MC of just $66m is a mystery to me.
The Rox JORC coming this month, page-184
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