For what it's worth, and I apologies as I've said it all before I'm sure:
$91.3M US / year EBITDA / 230M share (after likely warrant redemption) (we have little to no debt soon after opening, we wouldn't pay taxes for a while, yada yada), I'm calling it $100M CAN / 230M shares.
That is .43/share earning per year once operating. We have room to grow inside of Piskanja and would no doubt drill right away to see what's there. The price of Boron is projected to keep rising, so I don't think a 10X multiple is out of the question. $4.30/share once mine built. Of course that would require someone to come along and finance the build and maybe we'd need a few bucks to complete Step 3 of Licencing process. Perhaps pie in the sky thinking, but maybe $3/share going solo'ish, in a year or two.
If we could trust Osmose to commit to work towards building a mine and operate for a while, we give up half of Piskanja and a fifth of BONE, and we have excess cash sitting around for day to day BONE stuff, and to build a mine. Considerable de-risked one might say. But maybe new management team turns around and sells and Osmose walks away without dropping much money at all. Oh well. Do we see $2/share in a year?? Maybe 2 years?? Ya probably. I guess the main upside, we could quit sweating this thing out day to day and maybe we see a quicker rise in share price??
At any rate, I vote approx $2/share with Osmose, $4/share if we could somehow go solo. Maybe somewhere in between if Tim can line up a better deal.
I sure how we see the Certificate of Reserves here soon. I can't take this slow motion progress much longer. Ugg.
Have a nice day friends.