So you are making an assumption instead of using the Company's actual language which is what creates all the misunderstandings. For example, lets look at what they actually said:
"Selling gold and silver through its retail division allows the company to increases its margins by 15-20%. Junior mining companies typically sell its ore to refineries for 5-7% below spot price."
Additionally, you forgot to account for purity levels and the discount rate. You also forgot about the word approximately - so it could be $1.2 million which with an 88% purity level and a 5% discount works out to be about $1,700 per ounce - amazing how using the actual math works out
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