The purchase price includes a clear premium that accounts for, among other things, the expected synergies from the transaction. The mentioned 280 USD/oz roughly corresponds to the level at which Rupert Resources was valued prior to the deal. With that quote, I aimed to illustrate that Endomines’ reserve-based valuation, relative to the company’s current reserves (Karelian Gold Line), is even higher than the reserve-based valuation of said transaction (approx. 675 USD/oz).