13m buy at 0.7c, page-21

You're correct it's 35%, so using this EV valuation method Torian could range from:

(275k oz x 35% = 96250 (not-30% 82500))

$15m / 96250oz = $155 (well above $107 = overpriced)

To

$6.4m / 1,190,000oz = $5.38 (well below $107 = I'm retiring)

This is 6.4m which is what Vatovorona has added to the market cap of Torian divided by 35% of my highest estimate of what could be in the ground

That's a ridiculous range and it then relies on comparing figures with some 'industry average' ($107) It seems to be a good way to identify possible buy opportunities. You would then need to really look at the company properly to decide if it was actually a good idea.

As discussed adnauseam the prospects look great, diamonds, gold, tin blah blah.

Now a resource company needs 2 things, a resource (tick), and management:

How much have the board achieved in 12 months!! Signed the deal, now whilst I sit here not getting my job done there are some guys in Madagascar pushing dirt to one side and ore to another and some other guys in Sydney organising processing equipment. They have done it on a shoestring, in record time and have structured it so they will not get paid until I get a return.

I'm happy with this arrangement.