RE:25A permit would need to be issued first and then some drill results before anything is likely to happen.
Hermosa was bought from Arizona Mining by South32 at an implied value of $2.1Bn by buying out the remaining 83% of outstanding shares for $1.8Bn after paying around $120Mn for the first 17%. So they paid $1.9+Bn all said and done but far more extensive work was done drilling and reports wise and took over a period of years with management owning 65% of shares. Directors of Arizona Mining had a war chest of money from Rosemont and were real mining people unlike Rick and his mining garage band of directors. The 'work' Barksdale has done so far is nothing and a few drill results will not get $25/share or a $2.5Bn evaluation assuming they keep it to a 100Mn outstanding shares which isn't likely with all the shares being issued to management, Rick's salary and raising money, further diluting things.
Rick talking smack about the Forest Service last quarter on that podcast interview didn't help things and probably wasn't received very well by that agency, a bone-headed move at best. The only reason for the recent share price move is speculating that a permit may be issued next month. We'll see, it's been a long time coming and Rick rescinding the original application made in 2015 back in 2018 set things back by 3 years. Another idiotic move and the reason for the delay now when permits could have been issued back in 2019/2020 if it was kept. He also can't consolidate the property and Year 1 of the earn in hasn't even started. Even then they would only own 50% of Sunnyside, not 67.5% like they claim, as Year 1 starts when permits are issued. Year 3 is when they can get up to the 67.5% after paying millions and issuing millions of shares to Regal and drilling thousands and thousands of metres of core (+++diluation). Technically they own jack shizzle right now if you look at their Corporate Presentation of earning into Sunnyside since there's no permit issued.
At best, 1/20 of your $25/share estimate or $1.25/share can be expected when all said and done after more and more diluation. Even then, that would be 2 years down the line from now if everything goes perfectly. Even if permits are issued next month, they wouldn't likely be ready to drill until Oct 2023 earliest. There's no drilling allowed from March to September on federal land in that area. They don't have the money for a drill campaign right now if a permit is issued next month and getting the logistics arranged to be done by end of Feb 2023 is impossible. What about environmentalists? They've blocked a permit before while waiting to go to court and it's quite easy to do in a Democrat state.
Thinking South32 is gonna pay $2Bn+ for something hasn't been proved out extensively and unequivocally is a pipedream. South32 has shareholders and accountants, why would they pay for something that isn't fully known? Shareholders would go nuts. If South32 offers $1.25/share pre drilling, they'd be lucky. Without consolidated of the property Barksdale at best own 50% of Sunnyside, so a $250Mn offer for Sunnyside would amount to $1.25/share at 100Mn shares outstanding after getting their 50% from being split with Regal Resources. $250Mn would be quite generous too given everything and the amount of non-work done so far. Sorry to burst your bubble.