On current inferred resource of 54 mt... The UMC deal was done at $1.29 a tonne. Therefore our deposit is worth $70m. Or double our current market cap.
However, that doesn't factor in our location nor does it factor in the likely resource upgrades. (tho we still have to pay Cliffs)
We are targeting at least 100mt (Tony has indicated it could be much more but lets go conservative) - therefore a t'over offer would be roughly in line with UMC at around 4 times the current SP (minus $5 million and shares as we still have to pay Cliffs). No matter what happens the 47c SP cannot stay forever as it is just too cheap IMHO. Lest we forget Tony is also fond of the Tasmanian leases.
Also, please read this article to understand why im confident Chinese interests are having words with Tony - we might be small but every mt is valuable to China.