Lets do some math:
SND entitled to 17.5% of Bracemec McLeod copper:
350 days / yr (assume 15 days downtime for repairs, etc.) x 2,950 tpd x 2,205 lb/tonne x 17.5% (SND's portion) x 1.3% (% copper) x ~$2.25 profit / lb (assume $2.75 Cu / $3.05 copper price) = ~$11 million cash flow pre-tax to SND / annum for at least 6 years (assuming inferred gets converted)
SND entitled to 35% production at Gordons Creek (or whatever it is called):
370 mcf/day x 350 days (assume 15 days downtime) x 35% (SND's portion) x 15 wells x $2.00/mcf (assume $3.00 gas) = ~$1.4 million cash flow for 2012... at 50 wells we'd be looking ~$4.2 million (there will be declines, of course). On the upside, if we get $4.00 gas prices, we'd be looking at 50% more cash flow... so somewhere between $2.1 million and ~$6.3 million cash flow from this asset. These guys are not in good financial health with low gas prices, but it looks as though they will survive (lowest quartile cash costs helps).
RDA, write-off at this point, but we invested I think $15 million (please correct me if I am wrong)... NDX we invested $30 million, although I wouldn't call this an RDA as I think there is a pretty good chance these guys get a deal worked out and back into production... TER we put in $15 million, this seems like a write-off.
We have $40 million cash on the books less $10 million going to TBD, so $30 million net. Market cap. of $100 million less $30 million gives us a $70 million EV. Assume we recover 50% of our investment in RDA, NDX, TER as a result of our guarantees (we're better off if these assets are just sold and we keep the streaming deals in place, but we're going to be conservative and assume a worst case scenario)... so we recover $60 mm x 50% = $30 million, and we are now sitting at a $40 million enterprise value.
Between Donner and TBD we are trading at about 4x 2013 cash flows.... pretty cheap.
Anyway, you can see a lot of "bad news" has been built into the stock. TER or NDX working themselves out = immediate upside. Recovering our entire, or most of our, investment in RDA would be a blessing.