RE: RE: RE: Company valuationIf the mines #4, #5, and so on were 'guaranteed' as you said, there would cease to be any embedded option at all. :))))
Beacuse the market would, with varying degree of precision, incorporate those facts into current valuation. Whether or not the SP will reflect that would depend on sentiment. And the SP for me is more important than book values or some 'calculated worth'.
The only problem is that so far it is really hard to call anything 'guaranteed' with this one. As you state in your escapades towards management.