possible clue to asset sale price , page-26

Matt,
If you belive that the region will be developed and therefore valuation of deposits will increase then what is your view on the leverage play of investing in EQX?
SDL has a value of circa $300m. If that goes back up to $1 Billion then share price will be circa 30c. Thsi is 3 bagger or 300% from here.
EQX's Badondo project is currently valued by the market at close to zero. If Badondo is worth $1Billion (and looks to be a similar high grade deposit to Mbalm or Core) then the EQX share price will be circa $10. 10 bagger of 1,000%.
Also what is your assessment of downside risk for SDL? and for EQX?
Intersted in your opinion.
J9 xx