Answered to a PM, but may answer a few others:

No mistake, just not enough math, lol and you are only doing it for Eagle's Nest.
We now have just over 11 million tons. $650 per metric ton is just an approximate average of value of metal in the ground. In-ground does not translate into $/share because it has to be taken out of the ground, processed, over-head, taxes, royalties paid for and only after all of those does it translate into $/share. And even then it is future dollars. To bring it into today's dollars you need to apply financing and inflation costs plus devaluation due time as to when we will be producing.
Too many variables, that is why we are prone to use approximations and guesses.
Yes I do expect that the eventual tonnage will be 15+ million.
My rule of thumb:
Present value 7.5 billion $ in ground. Only 80% recovered means 6 billion recovered. Lose about another 18% for operating and over head costs. That gives you 4.9 billion $.
One third off for taxes etc. means 3.2 billion $ remaining.
By the time all this happens we will not have 175 million shares but at least 200.
That means about $16 per share in some future time.
Bring it back to today but compensate it by expected tonnage to 15 million, Sooo $16 seems fairly logical, not taking into account other Noront assets.
Hope that does not muddy up the waters too much, Cheers. Ed.