Valuation Tartan Lake was acquired from Claude in Jan 2010 for $3,100,000 plus the sliding scale warranty. Gold was around $1,100 at that time.
BUD has mkt cap of $2.6 mm with cash and working capital of roughly $950,000.
$2.6 mm - $.95 = $1.65 mm valuation of Tartan Lake project
Investors are valuing Tartan Lake at about 50% of its acquisition price despite
1) the royalty reduction from 5%ish to 2%
2) gold price has increased 50% since the acquisition.