not too shabby eh!, page-3

Scorpion,

Yes you have missed some stuff!

The cost is wrong. In the mining process you need to shift 3 tonne of dirt to get one tonne of ore. Therefore you need to add $3.40 x 3 to the cost of the ore rather than just $3.40.

Administration and exploration run at about $20 million per year rather than $5m.

You have ignored the funding costs for the mine construction which may run at about $50 million per year assuming a 10 year life.

The production wont run at 3 million tpa until about 3 years into the mining process which is still about 2 years from now.

Apply all of that and no doubt some other missing factors, (eg EPS of 4 or 5 rather than 7 as the high % stuff runs out fast) and the worth slides back fairly quickly.