try this for fun

Change the copper price in Avanco 6 year forecast to todays 3 mth price copper price of $US3.45 lb.

Discount the 6 year cash flow forecast using a 9% discount rate (do it for years 2-6) then convert the result to Aussie dollars.

Then add about $US10M for gold credits which Avanco havent allowed for for conservatism and because they haven't finished their work in this area.

You get about $US71.1M which you then need to deduct local income tax which lets say after allowable deductions washes out to be 20%. Deduct the tax and convert to Aussie dollars and you have $A63.7M.

Now add the cash from the raisinga and the cash from future option conversions and you now have a value of $72.4M.

Now divide by say 700 Million (fully diluted number of shares) and you get 10.3 cents per share while ignoring the fact that they will also own their $9M plant, the balance of the JORC (Outside of the High Grade Area), their other copper properies, their iron ore property and their Zinc/Lead property and of course the Touro Nickel project.

Somehow I think the current price is just a wee bit cheap