RE:First look at AR using a DCF model50 million annual cash flow is way too conservative. It may be for 2023 as production just start. As the production fully ramped up in 2024, there should be 150,000 ounces a year. At gold price of $1,750 and cash cost $730/oz conservatively(Detour Lake mine(open-pit @ 0.82g/t grade) has 2022 cash costs guidance $645/oz gold). We will be able to generate $153 million cash flow for Magino alone. Put this into your DCF model you should get where the analyst is getting. I have $1.15 a share on my model with 12% discount rate.