I'm endeavouring to calculate a value for MDL.Seems to stand up...

I'm endeavouring to calculate a value for MDL.
Seems to stand up on gold alone, although potential soverign risk puts a discount on my valuation. (ie about thirty percent), somewhat compensated by medium term takeover premium potential.

On the plus side there is MDL's Zircon project. It seems to be only a little above break even, although there does not seem to be much data available. Does anyone have a view on this?