RE:Gold in the ground I look at our neighbour marathon. They received about $50 cdn per ounce for their gold in the ground. And it was fully permitted. And mine construction well underway with about $300 million or so invested in the building of the mine. And a short window of time to get into production. But they had debt which was taken over as well.
If for simplicity sakes we cancel the debt for the amount spent on mine construction.
They were still years ahead, fully permitted, and received about $50 an ounce.
I think $200-$450 is maybe a bit high.
When you look at the acquisitions made over the years, some were likely producing mines, others more like Marathon, others permitted.... it's not all apples to apples.