That 5.7:1 is an upper limit, not a realistic value. It ignores all expenses and considers only the royalty split. The other values, 4:1 or so, take operational costs into account. I think $200 or so mining and milling costs are realistic- companies spending $4, 6 or 800/oz are mining much lower grades. If SFMI has 2, 4, or 10 times the grades of the higher cost miners, then their costs/oz go way down. SFMI reported $50/ton milling, and estimates $150/ton mining. If they get 2-4 oz/t, that's $200 to produce 2-4 oz, or $50-100/oz- less than the 15% I used (and the already mined ore is even cheaper- just the $50/t milling cost). Plus their mining costs should be low anyway, since the War Eagle geology doesn't require the shoring that other mines require. And I took exploration costs into account, as well as the Sinker work costs. The projected costs are in the 10Q. They can change, of course- and I hope they do as a result of accelerated timetables.

As I mentioned, these calculations only take the present situation into account. If the "big picture" changes, then all bets are off.

BTW, I've got a lot of both. Heads I win, tails I win. But I think both heads and tails will do OK.