I can see the process you are using to come up with your estimated value.
Dilution of 700m profit p.a. x 13 years: you are using a future value amount here that is over inflating the amount RMS is giving away "today".
$300AUD an ounce valuation for SPR (~6.4% of current spot gold price) is too low. This is because there are significant cost synergies with RMS operations and the SPR project, while in its early stages, is somewhat de-risked in terms of what is in the ground. So even if you wanted to be conservative, you can go higher than $300AUD.
Apart from that, I now follow your logic, sort of.
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