Transposing those figures as a rough (yes, I know, it won't be...

Transposing those figures as a rough (yes, I know, it won't be this value, or this volume output for economy of scale etc. until we can confirm the actual size of the deposit) we are looking at ~1288 POG minus ~507 cost per ounce = $781/ounce... so 3.2moz * 781 = $2.5bn estimate value for AK excluding capex?

Perhaps rising POG in the next 12 months offsets that cost per ounce difference (whatever it turns out to be) to the extent that the estimate is actually fairly reasonable?

I'm no gold mine operations expert so others here can shoot holes into this now, but IMO just back of envelope even a 3.2moz deposit looks attractive (commercially feasible) let alone an upgrade.

~$26m MC won't last long compared to those figures once we have the deal in hand.