current inground values by market

i did a quick sum and have arrived at the following.

HAW
- assume 1,250,000,000 shares on issue.
- assume 40% of 617mt = 246.8mt
based on current sp (1.6c) the market is valuing HAWs share of the current mt bevan resource at around 8c

LCY
- assume 235,000,000 shares on issue
- assume 60% of 617mt = 370.2mt
based on current sp (11c) the market is valuing LCY's shares of the current mt bevan resource at around 7c

does anyone have any idea whether this is fair and reasonable? we must also consider the high capex costs to get a successful up and running. i found a report by amec which estimates the "payback" time for a magnetite project is between 8-10 years.

any thoughts?