At 21% of Profits NPV drops to $1.414 billionUsing Ursus Brumai's explanation that IVN share of profits is actually 21%, annual cash flow inputs drop from $279 million to $249.48 million over 24 years at Kakula. All other values remain the same. Since there are 786 million shares out, that works out to $1.80 share. It is reasonable to expect Kakula to increase the resource by 50%, once Kakula West is included, so we might want to tack on a further $0.90. Zipushi NPV is about a billion, so that is $1.27 share. Platreef is marginally profitable at current precious metal prices. It would cost more to close it though, than to keep going. Since we're looking at profits, Platreef won't contribute much to the bottom line for now.
$1.80 + $0.90 + $1.27 = $3.97 per share from all combined projects. Fundamentals indicate share price is fully valued. Yet how share price trades is completely separate. Trading is where reality meets imagination. For now, this is the mining story business, not the mining business.