JustwinI agree with your assesment. % wise there is likely more upside in Bell. This is why I continue to hold. Callinan however is the more guaranteed stock, due to the cash flow and upside of a lawsuit. I see $3-$6 CAA regardless. Bell is going to need help and a continued $3 + Copper price to get financing. The dilution upcoming is concerning as the cost of financing is rather expensive and extremely dilutive.
MM of CAA is slow and not necessarily running the company the way I would. This is his last chance to "hit" this spring. If he doesn't then CAA will become a dividend paying company.
On the other side, the management of Bell came within a couple of months of bankrupting the company with their lack of focus.
Good luck to both companies.