Here's what I think..

looks like a concervative $3 million/ quarter, thus $12,000,000 /year

15 times earnings is 180 million/ 45 million shares= $4.00 /share

Now you throw in the War baby for future HBM production and Fox River for exploration potential

If a royalty company came in and offered CAA cash for the royalty HBM would be caught in a squeeze which could only up the anti considerably.

The kicker is the pending legal action.....I think HBM would be better off to be proactive here... as the longer they wait, the more it is going to cost them....ROTFLMAO

JMHO