So on that logic we would say 2,328,000 x $60 x 60% (ownership)...

So on that logic we would say 2,328,000 x $60 x 60% (ownership) x 80% (risk factor) - $6m (net debt as they have $2m cash) + $20m for equipment value = $80m EV. Translates to about 3.8cps as a fair price.

The DFS then alters the risk factor and potentially changes both the number of overall ounces and potential $60 implied value of that deposit.

Sorry if these are dumb questions, am a mining newbie and am enjoying the ride at the moment but figured its time I upskilled myself a little in my base knowledge.