Must be careful even when doing these napkin forecasts,...

Must be careful even when doing these napkin forecasts, valuation isn't that straight forward. For instance, as you mentioned there is cost of production, also tax, debt and equity to consider for a basic DCF.

Until there is a JORC I wouldn't let those dollar signs get you too excited, at least then it will be possible to use average costs comparison to calculate a maximum valuation. When there is more pilot plant detail (hopefully in next few months) there will be an idea of near-term valuation.