Glorieux, What a great article. Seems to make a lot of sense and describes a lot of variables. The one factor that I believe is missing in calculation of the in situ value is the "hype" that surrounds what the NAV might be and the corresponding share values. It may be mentioned in this article as "risk-reward" but I feel it should be underlined. This is of course an unknown and unmeasurable factor but I believe is one of the biggest factors that move a stock, at least in the early stages. It has a strong tendency to always "pump" the in situ values to the very high end, ie. the reward, of the scale rather than more likely in the middle range. One always wants to believe the best scenario will in fact be the outcome. The case in point; present or soon to be shareholders strongly believe that we are not in the C1 or C2 category but are in fact going to be in the WTF category. It is the promise of what might be. It is this vision that I think will propel this stock price forward till the drills tell the true story, be it good or bad. Not sure I have made any sense here. Gray matter not fully functional. the deputy