1.22 net value per share

Using a $10lb total cost of production.

10 Year mine life (being conservative)

Fully diluting for options issued and to be issued.

Assume a 50% JV.

JV partner carries equity component.

Deduct minority interests.

Assume Rhenium is not in deposit (if it is it will add $100's of millions to value)

Assume Moly price remains constant

Assume high grade core is mined first (the custom)

The net pretax value per share is $1.22.

Now back to reality, at a brown field stage is it worth 20 cents?

I would argue that once funding via JV is evident (assuming one is coming), then it is worth 20 cents, fully diluted now.