this does not smell right, page-27

hal
your calculations value the total gold value per share.

as a rough(and many will disagree)calculation you need to divide by 10 at the post bfs stage.

but upmarket is correct in that total costs to bring it to market is the defining factor, regardless of the resource.

if silver credits reduce opex to nil per gold oz then obviously profit is higher. but there is still capex, admin, royalties and taxes etc that will mean you'll never run at 100% profit on gold oz's produced. and then it comes down to how much per year they produce to work out potential profits and mcap value.

the bfs will give us a guide