From IVN . TSX
Generally speaking, "So if IVN is valued at between 2% & 3% of in-situ metal value", as said on ROB-tv, (we will call it 2.5% for all intent purposes) then to get valued at 10% of that value would mean 4x $9.53 = $38.12 . I doubt if even a penny of that includes the coal, so we should be going even higher than that.
The market has discounted the Mongolian factor and the jealousy of RF factor. Once this stigma is overcome even $38.12 will seem low.
Gilver