RE:Simple Math vs ComplicatedFergie~ don't 'thank' me yet... we have a 'large hurdle' to clear. (I'm terrible with math,... but the 'bottom-line' is... EROS is undervalued). I'm glad your DD confirmed my previous 'hunch'. One of the best 'unknown' secrets on the TSXV. I've been on a 5-year 'quest' of accumulation w/ ERC. I hope Management is ready to 'spill the beans'. Good Luck to ALL whom have 'decoded' the Mystery of the hidden stockpile of valuable shares. Keep crunching those 'numbers'. That's the 'first' time I've seen an estimate of FMV for ERC. (again, Management has done a poor job of letting the public (shareholders) know what they have (actually own). AND they OWN a big 'chunk' of a 'Gold Mine' - Skeena (SKE)!!! GaL