valuation 300% above todays price?

My valuation $2.00 plus

RND produces around 18000 ounces gold per year--page 7 annual report.

Total Resources for the EKJV is 1.2m ounces
RND share 160,000 ounces--page 11

Grade at 12g/t plus
Mine life up to 9 years- depending on ability to convert resources to reserves.

Plus exploration upside

Total costs around $400 to $500 per ounce
Gross Profit $900 to $1000 per ounce
ie. Gross Profit $16m to $18m per year

Valuation:
Say 3 to 4 times multiple on grossly yealy income

$48m to $72m

Plus cash/gold $15m $15m
Plus 12m TBR shares $60m $60m-see tbr thread

Totals $123m to $147m
$2.00 per share $2.40 per share

This is without the up and coming iron ore takeover--vend.
Does anyone know what value this has?

Or should we let it go, as the vend looks excessive?

Any thoughts????