Based on SFR's recent DFS, the payable gold was 45% of the JORC...

Based on SFR's recent DFS, the payable gold was 45% of the JORC at 91% melallurgical recovery but bear in mind their gold was recovered in conjunction with their copper, but their minerals were from a greater average depth. Ignoring the copper factor, 45% of 561000 ounces is about 250,000 ounces of gold at $1450 per ounce = say $360M. MZM's lower grade would also be a factor, and there would be a lot of other things to consider as well, such as where and how they recover the gold. This is back of envelope stuff so if you are serious,DYOR
Merv