1M tonnes x $8,500/tonne = $8.5B (or $12B, including the inferred) would be the worth of the deposit in the ground (in-situ). As indicated this deposit would have to be brought up above ground (mined), milled and refined to get a product that can be sold for, say $8,500/tonne.

- In-the-ground value: $8.5B/55M shares = $154/s (nobody would pay this price).

- Current value given by the market: $1.4/s (we are buying and selling at this level).

So, what would be a reasonable value for us shareholders to accept in a buyout? 10% of the in-situ value of 10% x $154/s = $15.4/s ? At 5% it would be $7.7/s, etc, etc...

Would $10/s be a reasonable value for ZEN? I would certainly not waiting for $100/s level, even $50/s level. As indicated, $15/s is just plenty for me. Others may scoff at this price and wait for better ones. Each person on his/her own.

So correction

1.5 million tonnes equates to 12 billion dollars assuming $8500/t - equates to $218/share.

Assuming 10% in-situ value that would equate to $22/share. Then you should be satisfied with $22/share, not $15.

Now, we are all or most of us are assuming $8500/tonne. The PEA will determine how much per tonne..

It may be worth much more than $22/share. But the question is, how much will the offer be, and how much will ZEN management accept?