RE:RE:RE:RE:Very Interesting!!!!That basic math seems correct and conservative, which is a good thing. To equate 500M future profit to a market cap is not easy, but if you choose a high discount rate, 10%, and assumue there will be 10 years of profit (for GENM portion) of $50M, then the NPV is $307M. Since a lot of things still need to go right before profits are being made, I would say that should be discounted about 50%, which is $153M. Add the $91M cash if SBSW buys in, and we're at rough valuation of $244M, almost double today's market cap.
In this rough math, I give a greater than 50% chance that things actually turn out better. In 5 years this could easily FCF $2/year (~$1/year for GENM).