resource upgrade., page-52

Topcall,

I agree with most of your post but you have a mathematical error in your calculation of relative value. You made the mistake of halving the MC of GRY before subtracting the $75M. You should have subtracted that first then halved the balance of the MC. This would give you an equivalent MC of $265M + whatever cash PIR have on hand.

Note this doesn't take into account outstanding options but is a more representative relative comparison.

Cheers
STM