My Target1. about 1 million ounces in the indicated cat:
puts a $100/oz in ground value on those, which gives it $100,000,000 valuation
2. about 10 million ounces in the inferred.
I'll use an arbitrary value of $25/oz in ground value which gives it $250,000,000
Total valuation is $350 Million
It has about 55 million shares out.
Thus, value per share on these loose calculations comes in near $6/share.
Also, no value given to Ni and Co which adds to the overall valuation.
You can argue there will be more dilution for drilling to bring up the inferred ounces, however, as you bring up the inferred to M&I so does the value of the ore.