there's more to comeAs understand it, it is no good estimating mineral content in the area so far explored and coming up with a valuation of only some $40 per share.
Pebble only comprises some 5% of the total "Resource Lands" property. Additionally, NDM only have agreement for 50% ownership of the the extra "Exploration Lands" but they should own the rest outright.
Only 169 holes have so far been drilled in an area around Pebble itself "measuring at least E-W by 3km and N-S by 2km". That's six sq km so far. The Resources Lands district contains "mineral rich terrain" of 89 sq km, as yet so far largely unexplored except for, I believe, three of four expanatory holes outside the inner Pebble area. Plus many of the holes drilled at Pebble are still open to depth.
The 26-m gold resource should grow to be far more than this in the fullness of time, and the 16.5lbs of copper. I'm not selling a share until the price is at least say the $40 on known resources and then see what more has been discovered then.
Note that Norwest (they did the estimates, not NDM) have only used $350 per ounce gold, US0.80/lb for copper and US4.5/lb for molybdenum, pretty conservative. Just imagine gold goes to say $450 per ounce average over the next few years, that'll put the revenues up 28% with no extra costs.
There'll be financing needed for feasability studies, no doubt. But when Hunter Dickenson have finished providing quantified proven reserves with additional estimates for areas still to be drilled and this goes to auction, the Majors will be falling over themselves to get it!