The value would be 5 fold in a 2500 gold enviiornment IF....after the first expansion they took all the free cashflow and plowed it back into buying shares.
I.e if you would be trading at a 30% plus free cashflow yeild and a fraction of the NPV of your property, after a year and a half of buying back shares, then guess what you are tradinng at a 60% free cashflow yield. But of course the shareprice would have to double to keep the free cashflow at 30% rate. And if you made it clear you would keep ploughing free cashflow into buying back shares, the shareprice would adjust well advance of the free cashflow ever getting that hight. BUT OF CORSE THIS MANAGEMNET WONT DO THIS. This d-bag is paying their interest expense buy issuing more shares at these levels. It is absurd.