For those that question (a) the current stock price compared to valuation and/or (b) why someone would pay 5-10 times current price - let's compare ZEN DCF model with that of Pretium Resources. The June feasibility for PVG shows a NPV in and around the model for ZEN that has been passed around. PVG uses a 5% discount rate. PVG is a very high grade deposit, higher capex than ZEN and a lower IRR. However, for the sake of comparison we will call it even.

PVG has about 1.8 times as many shares out as ZEN. Current price of $7 equates to $12.60 for ZEN value. PVG was in 2012 as high as $18 which would be $32 for ZEN. If bought out today at a typical gold buyout premuim of 40% above market price that would be $9.80 for PVG and $17.64 for ZEN.

Now, one of the reasons PVG fell from $18 to $7 was (a) POG dropped but (b) they had the Company doing the study back out and they had to use another firm (dispute over block testing). So the $7 price today still reflects uncertainty in the model.

This is why, given the metrics of the ZEN 43-101 we should/could be already trading at $10. If not today then when the PEA comes out with the same or better metrics.