Nice calculations.

I would be happy with $75/oz with 43-101 in-situ value, which is closer to the industry average. Maybe a little bit more for being in a good mining jurisdiction and for open-pit potential.

On the other hand, additional $200M for setting up a mining operation including "de-watering" a lake seems a little bit on the low end.

And to produce a 10M oz "elephant" is quite a target as well.

But if GCU can come up with successful step-out and increased depth, at least 5M oz. seems to be in the cards as a near term target.

According to my calculations, that would equate to $ 3.21 per share ($ 4.27 per share if $100/oz in-situ is taken into account, for location/ open-pit etc.).

If they can manage to pull off 10M oz. that certainly would be a totally different ball game and they wouldn´t become a producer.

In that case, the price per in-situ ounce would increase according to what it will be worth to different major producers, because GCU will be taken over in that scenario.

$ 150/oz. in a take-over scenario will be very likely, leading to a maximum SP in that "top value" scenario of .... wow, my calculator is not defect : $ 12.82.

So, anything between $ 3.21 and $ 12.82 seems possible, but I expect a minimum of a double from this point.

FANTOMAS