Looking at it again, I remembered that SKV currently owns only 70% of Spanish Mountain, and that after the merger, it will be closer to 77mio fd shares, not 50mio shares... Which in both cases brings down the calculated share value closer to $8 per share.

without the merger

1.5mio ozs x $400 profit per oz = $600 000 000

$600 000 000 x 70% = $420 000 000

$420 000 000 / 50mio shares = $8.40 per share

with a merger

1.5mio ozs x $400 profit per oz = $600 000 000

$600 000 000 / 77mio shares = $7.79 per share