Of course it's relevant!
If it costs you $2 to get it out of the ground, and you sell for $6 then you only made $4.
By your own method of valuing the SP, that would reduce it by a third from $4.80 to $3.20. Not sure your method holds much water, but it's even more flawed if you don't take costs into account.
EXT is probably a great company, but the laws of economics still apply. If you're going to attempt to value the company, do it honestly.
Z
