gold rush

Having read the announcements of 29 May I am trying to digest what it all means from a sp perspective. Roughly, I've come up with:

JORC resource is 1.2m oz
Shares on issue (EXM, EXMO EXMOA) are 1,974,242,348
In ground value conservatively $100/oz.
Share price: (1.2m x $100)/1,974,242,348 gives 6.08 cps

By production, assuming JORC is still 1.2m; gold price $1200/oz and production cost (from ann.) is $360/oz leaving $840/oz net profit gives a future share price of 51 cps.

I think we have a 8-9 bagger here.

Please DYOR.