These projections are based on  when MTO produces it's target of 70 000 oz/year, not this year.
Gross Income per year 70 000 oz x $1000 = $70 000 000.  Remember these are dore bars, $1000 is rich.
Cost                                  70 000 oz x $500 =   $35 000 000.
Net earning per year                                           $35 000 000.


130 000 000 shares/ $35 000 000 = 
.27 per share
Book value 
.45
MTO needs to be cash positive for nearly 1 year to be worth 
.72 and 2 years to get to $1.00
The 43-101 will let us know how many years they will be able to profit from mining.
Assuming nothing goes wrong, drilling is free, infrastructure is complete, no taxes, no interest payments...and....wait for it.....no more dilution!
These mining accidents in USA and China won't help matters either, the scrutiny will be extra fine in the future considering that we have had a mishap ourselves.
I do understand that future earnings will be built into the share price as earnings progress, but you need earnings first.