let's look at the valuation$22m rec'd from Mitsubishi, this was for 20% of their portion of Zafranal (50% held by Teck Resources and the other 50% was held by AQM).
Less $7m (high side, their portion) for the updated P.E.A. and NI43-101
So about $15m cash plus the 30% of their portion of Zafranal $33m = $48m/105.6 = $0.455
and after they do their $4m PP it would be $52m/142m sh = $0.367. This does not take into consideration of any positive changes from the recent updated reports. Looks like a take a at $0.30 imo. GLTA