Hello Tony. 

Alertly (as usual), you give us an example of Sudbury tailings worth billions. I have another example of a much greater undervaluation, namely Magpie.

So far as I’ve looked up, Titanium in nearly 100 percent purity is not the common spot market way it’s traded. In quantity, it’s hard to imagine any company purchasing shiploads of it that way, at US$27.31 per pound as of last Friday. That comes to $34.14 per pound Canadian or $75,260 per metric tonne Canadian.

http://agmetalminer.com/metal-prices/titanium/

Instead, probably it’s more realistic to value our Magpie Titanium assets (as well as its associated Chromium and Vanadium and Iron assets) in terms of the 60 percent purity traded on the more popular spot markets. To arrive at 100 percent—but not counting the great extra value added by doing the extra refining—you need to multiply 60 percent by 1.667. To arrive at Canadian prices requires an additional multiplication by 1.25.

In short, the cheaper (and most realistic) way is to calculate the price of 100 percent of our Magpie assets but adjusted to be refined to only 60 percent (after discarding and not counting the 15 percent average coincident Iron ore). In Canadian Dollars, it comes to (as follows):

$4,712 per metric tonne = Titanium (not the $75,260 refined to 100 percent)
$3,100 per metric tonne = Chromium
$28,250 per metric tonne = Vanadium
$95.07 per metric tonne = Iron

http://www.infomine.com/investment/metal-prices/ferro-titanium/

How much ore is at Magpie (at the highest 20 percent Iron cutoff at 82 percent recovery)?
634,218,022 tonnes indicated + 293,057,308 tonnes inferred = 927,275,330 tonnes

http://www.marketwired.com/press-release/fancamp-receives-ni-43-101-resource-estimate-for-its-4672-owned-magpie-deposit-tsx-venture-fnc-1645780.htm

62,317,496 tonnes Titanium (Titanium is 59.934 percent of TiO2 Titanium Dioxide)
(71,095,840 Magpie TiO2 indicated tonnes at 11.21 percent + 32,881,030 inferred at 11.22)

12,478,067 tonnes Chromium (Chromium is 51.999 percent of CrO3 Chromium Trioxide)
(16,553,090 Magpie CrO3 indicated tonnes at 2.61 percent + 7,443,656 inferred at 2.54)

1,591,128 tonnes Vanadium (Vanadium is 56.017 percent of V2O5 Vanadium Oxide)
(1,902,654 Magpie V2O5 indicated tonnes at 0.30 percent + 937,783 inferred at 0.32)

393,865,670 tonnes Iron (Iron is 69.943 percent of FeO3 Iron Oxide)
(385,794,820 Magpie FeO3 indicated tonnes at 60.83 percent + 177,328,970 inferred at 60.51)

$5,872,800,800 = Titanium at 2 percent—98 percent discounted—0.02 X $4,712 X 62,317,496
$773,640,150 = Chromium at 2 percent—98 percent discounted—0.02 X $3,100 X 12,478,067
$898,987,320 = Vanadium at 2 percent—98 percent discounted—0.02 X $28,250 X 1,591,128
$748,896,180 = Iron at 2 percent—98 percent discounted—0.02 X $95.07 X 393,865,670

$8,294,324,450 = Total Magpie Spot Market Prices at a 98 Percent Discount
$7,962,551,432 = Fancamp 96 Percent Ownership of 98 Percent Discounted Magpie 
$52.45 per Share = 151,801,629 Shares divided into the Discounted $7,962,551,432.

I have no chemical or metallurgical or geological expertise. This is an exercise in simple arithmetic.