question and answer from pt, page-18

I am not sure, but another possibility is that PT was valuing just one of the mines. He refers to 46MT. This coincides with one of the mentioned contracts, but these contracts are also approx the same size of the JORC mines. Japonesa has 42.0 and Japonesita has 47 MT JORC. There are 11 mines listed in slide 13. Consequently, the value of one mine may be worth 0.60 cents per share. How much would the 11 mines be eventually worth. I am sure PT has done this calculation at some stage given his investment in the company. Perhaps this is why a valuation of $6.00 did not appear a complete mistake to him.

Extract from ADY's AGM Presentation, Slide 13:

Mine Tonnage Weighted
Average
Grade
Japonesa 42.0 million 13.7%
Japonesita* 47.0 million 21.6%
Chilean Viejo*
Mariposa*
Mirador*
Viviana*
Juanita*
Negrita*
Soberana*
Primavera*
Leo2*

Regards

SP