If we keep on going with this estimate of $14B in-situ value, then the above ground value would be $1.4B assuming a 10% factor, i.e. $14B x 0.10 = $1.4B. Or, for an SP value of ~$25/s (1.4B/55Ms).

If 10% is considered too generous then we could back off to, say 5%.... for the above ground value for $12.5/s (assuming the current resource estimate of 1.4M tonnes). If the tonnage is increased by using a less restrictive model, or ZEN will find more at depth then the SP could be adjusted UP accordingly.

$12.5/s looks reasonable. But, more would not hurt.

My math is OK?

goldhunter