$50mm worth of successful drilling...At $0.29, the fully diluted (FD) US$ market cap is $49.4mm. And it's a stretch to use a FD figure, because any warrants are WAY out of the money at this price.
SWN expended $50mm over the last 2 1/2 years, on SUCCESSFUL drilling. Last January's PEA gave us 43-101 resources of about US$48B, at the today's metal prices. The PEA postulated a $US0.48 breakeven cost for Zn, assuming lead as a by-product credit at US$0.50. Given those assumptions, the IRR was 32.2%.
Yes, Zn has gone down, but lead has soared. SWN has been terrifically successful with this year's drilling, greatly expanding the deposit and finding continuous and expansive high-grade zones. The next 43-101 and updated PEA may double the value of the deposit and will contain dramatically improved economics.
Unless the world is coming to an end, this stock is a studpendous buy here...