First you have to look at the amount of shares. FWR I think 229 million as of Cliffs warrant buys. KWG has 453 mil which is double FWR so we start with 50% so .50 Now we will have Iwould say at a mininum 25% of half of what is there. .50 divide by two = .25 divide by 4 = .065 for chromite add the 1% royalty for 42 billion total = $420 million dollars revenue or $1 per share divided by say 40 for each year comes to another =.025 so .025+.065=.085 and that is as cheap as I can get. From there you can play with numbers till blue but this is absolute mininum. Its worth way more but I am not good at math either.