Ann: Quarterly Activities Report, page-101

Good work, one huge delta in all this is what LT gold price you are assuming

If one uses USD 1500 or 1800 or 2000 this will have a dramatic impact on valuation

As long as we don't have more details (MRE size) a back of the envelope method is the only way we can estimate what TSO is worth

The current market cap is still below 50M USD. Compare this also globally to many speculative miners on TSX in Canada and consider El Zorro project is much more advanced than they are and realize that TSO is likely far away from being fairly valued