My model incorporates approximate after tax cashflow streams, (after exploration and selling costs), and the oppourtunity cost of capital (i.e. rate of return that an acquirer would need in order to make an offer). It aims to narrow down an offer price per share that an acquirer would give. I did the analysis a few months ago on my other computer and don't remember all of the details but am willing to provide further detail tonight if asked for it.

It is based only on the 43-101 material presented in the shareholder presentation and does not allow for any future finds (which there will likely be). Future finds increase the value substantially (all profit!)

There are many assumptions, all of which, I've tried to be conservative on and not all are easy to estimate. The final value is also sensitive to many of them. I use this model as simple due diligence to give myself confidence regarding the share price.

I am getting a value per share of about $1.5, which I consider bargain basement price. I am buying now, and plan to hold until a deal is done. If anyone would like a copy of my workbook please PM and I'll send a copy over.