rau valuation, page-2

Far, far too simplistic imo.

Apart from just ounces what else needs to be taken into account for example are:

1. Are these measured resources, indicated or inferred resources?

2. Grade - in relation to open pittable or underground mining different grades are economic or not economic.

3. Metallurgy etc.

4. Does the company have 100% of future potential profits belonging to the company or do other companies get a cut - eg. maybe just based on production and not profits.

5. Political risk. Bolivia, apart from having a more onerous tax regime, will rate on a different scale to Australia.