I agree with your comments. The actual discount could be even higher than 10% if we get into a hyper inflationary environment. Reagarless of whether or not you are using a 5% or 10% discount rate - before or after tax - VIT remains significantly undervalued if gold prices stagnate near $1100, and if gold prices are higher, VIT will become even more undervalued. Keep in mind in calculating these valuations, we haven't accounted for any additional resources that VIT may uncover through drilling activities at any of their other properties.