Given that MML management recently revalued MML's assets in the last annual report (and took a US$260M impairment) on the basis of gold being $1200 with a discount rate of 11.1% wouldn't that be a reasonably close approximation of IV at the gold price you are looking for?
In FY15 they valued total equity as US$192m, which at 77c AUD, was A$249, or A$1.20/share.
They also stated the every US$100 change in the PoG amounted to a $54m change in valuation.
Also every 5% change in operating costs translated into a $37m change in valuation, which might surprise on the upside with lower oil/energy prices and the falling PHP potentially flowing through to operating costs.
