RE: RE: $15M available for one more stream Some of those numbers you quoted are not accurate. For example you estimate $1-2 million in cash flow this year. We will earn $1-2 million from our TBD investment, $1-2 million from NDX if they get the placement done, and Donner should earn about 5.5 million lb's x $2.80 = $15 million.
So all together we are probably looking at somewhere between $15 - $18 million in cash flow after G+A.
You are right that we have $15 million left for a deal, but of that $15 million we have subscribed for $7 million shares of NDX, but we also get $6 million cash back from TER, so no impact to your assessment.
So, currently, we have $15 million available for a deal, then $15 million available for another deal if we pay SSL back in equity, and we will earn another $15 - $18 million for another deal over the next year.
If the stock gets rerated to $0.75 or higher by July I would expect us to pay in equity because we would be trading a lot closer to fair value... around 10-12x forward cash flows.
So ultimately we have enough for 3 small deals ($15 million each), two medium deals ($20 million each), or one big deal ($30 - $40 million).
imho, not as bleak as you've made it sound