wots it worth

resource = 327,300 oz
discounted 20%
resource = 261,840 oz
spot price = $1,500
break even price = $1,150
Profit = $350
no of shares= 246.4m
$350 x 261,840 = $91,644,000
$91,644,000/246,400,000 = 37c
Discounted for risk by 20%
intrinsic value = $0.30

Not sure how Hartley did there valuation but it is the same...
30c

they would have used a far more complex model i'd say
but maybe not