from $1.76 will be...

PEA + First Offer + Bidding WAR!

If I had to quantify this, I would say the PEA should get us to $5-$6 (not instantly but shortly after release and when it finally clicks in for the market); Initial bid of $10-$12 and final bid of $17-$22.

I think an initial 'bid' could also involve a JV, for example someone may offer $6 for 50% which would imply a $12 valuation. Or a $6 bid for 50% with the purchasing compnay carrying the cash cost to production would also be a nice bid.