simple valuation of tam, page-20

Thanks Rod. I'd like to build a model, even if some of the numbers are really rough. Gold price is a parameter so I can re-calc target SP quickly.

Presumably the directors work more with something more sophisticated than the back of an envelope but they like to keep it to themselves. Be nice if they could say, "we're raising $100M to increase plant capacity which has a positive NPV of $30M based on the model attached" ... Yeah, tell me I'm dreamin'

Sentiment: was ST buy, could be LT buy. Will let you know if I figure something out.