NPV 12CAD/shareFor gold at $1900 and silver at $24, ITRG is valued at 15.3% of the NPV@5% which represents 12.4 CAD per share. It is difficult not to think of a strong undervaluation, especially since it is likely that the results of stage 2 (mill processing) would be higher than those included in the PFS, particularly given the latest drilling.