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1/9 Anybody have time for #MonkeyMath? We don’t know if Appia will have to same resource size or value as Round Top. What we can do is use comps to arrive at a value for Appia IF IT DOES. Then makes some extrapolations at different resource sizes. 
2/9 One thing Appia has going for it (and this is a very big deal) is that they will have lower capital costs due to the province providing the capital intensive processing facility.
3/9 Working from the end, Tom estimated that TMRC might arrive at a $5.07 price per share based on 46.6M shares outstanding and a future market cap of $236M dollars. That was based on 30% ownership at the time of writing.
