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Maths are irrelevant! We can spend days haggling over maths, but the fact is that Pt has halved, nickel has halved, copper has halved, you've got Cu miners like EQN on $1.80 vs $7.50 and MMB sits at 39c down from 58c. If MMB fell as much as EQN, and you adjust it for the fact MMB has no mine built, then clearly you can pick whatever price you want.