Thanks for your updated calculations. As I said in my first post, you can calculate anything between $ 6-45 per ounce, depending on your approach. /// What I wanted to show is, that even with the most conservative approach, you can still see the massive undervaluation of Probe. /// Because the market is mega-hyper conservative at the moment, one should use really conservative figures for valueing one's investment. /// When the wind changes, ships which were able to sail in these challenging conditions, will be the fastest reaching their destination. /// FANTOMAS