It would be a good starting point , but its anyone's guess whether the board would recommend accepting such an offer , given the sp has been north of $3 under its own steam already .
I think fair value would be more like paying $250/oz for the gold in ground, given the metrics of other recent deals (fronteer). At 4mil/oz you'd be looking at $3+ per share. Ands thats throwing the rest of the project in for free. A pretty good deal for a multi decade project of 200k/oz per year.
But thats just my opinion of what is fair...
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