RE:RE:RE:Show me the money!Ray,
Most references that I can find, appear to recommend using DCF.
https://www.basinvest.ch/upload/pdf/Valuation_of_Metals_and_Mining_Companies.pdf
https://www.ey.com/CA/en/Newsroom/PR-activities/Articles/2010-CMJ-Mining-Valuation
https://www.stthomas.edu/business/centers/shenehon/pdf/Hamilton_SAND_AND_GRAVEL_January.pdf
My uneducated DCF estimates give a range of between 2 and 7 dollars, which I suspect is a little optimistic in HBK's case :-) . Rimington has argued for an estimate based on predicted EPS.
The market is valuing comparable producers( such as PLS and ABM) at over a dollar right now.
Prior to production, Ascot's SP was trading just below 50 cents, then jumped to over 2 dollars (!) So, a low ball offer for HBK could well be around the 30 - 50 cent range, however I suspect that the 70 cents is a more realistic number based on apparent demand. NPV, anyone?