The PFS states $218 million to build the mine (over the life of it 7.5 years?). Your $1500 gold should assume that the real price of gold is around 17 or $1800 spot. I think you need to add some additional dilution as a cost as well since I don't think the company would just focus on the mine, they would also continue to do further exploration during the 2-3 year development of the mine. But that what I'm saying... you got it right, no-brainer that the SP should be much higher. We just need someone (with money to fund) to understand this...