Here is perhaps a better less confusing estimate, just a rough estimate, probably quite flawed:

spot at $1,500;

for 2 million oz.;

in gound buyout value at $154 p/oz;

based on 108m sh; (does not include all investment considerations)

worth approx. $2.92 p/sh (range of 2.40 to 3.40 based on variables such as site access, open pit potential, utilities, and much more other investor considerations).

(Does not include costs, debts and unknowables).

Please do not rely on just my estimates. Others should please also jump in here. I have no pride of authorship in these guestimates. I would love to read other's thoughts. This is an important question-issue. The more info, the better. There is sure to be a day when such calculations will be of immediate burning interest. Perhaps sooner then we think.