OK with me if you calculate the EV that way. My point was mainly to bring the subject into focus for discussion. However if you include the full asset in your calcs and only 2 mill of the cash you are really saying you don't expect success and will probably walk away.
If you do expect success you should allocate the cash that success will require. Just IMO and the way I see it.
Low EV Junior Goldie Michael O'Keefe project, page-58
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