Gold, silver, zinc, copper, lead !, page-27

the half yearly shows $5m accumulated expenditure in NT. Let's assume only $3m of this is re Iron Blow and Mount Bonnie up until 31 December 2016. Let's assume another $1m get sunk in concluding the pfs.

If I follow the Kirkland agreement logic, if it's a good PFS outcome (which the recent announcements sort of point to), then does that mean Kirkland pays pnx 3 * $4m=$12m and pnx retains 70% of the project?

If so, then pnx would be worth at least a little more than it's current $12m market cap ... using a bit of arithmetic wouldn't it be closer to $12m/0.3 = $40m on delivery of a sound PFS?

just curious