Doing the quick math on 2.5 mill oz/au x $130 divided by shares out (100,000,000 approx) =$3.25 p/sh. If we have 5 mill oz/au, then the property would be worth $6.50 p/sh on a buyout. This is just for the Tesoro property only. I used the in situ value of $130 p/oz for easy computing, they use $1.29 in the report.