Well 20cents basically represents the cash on hand of FFX and nothing for being a producing gold miner, and nothing for its 20% share in LEO ($100m, =20%x $500 which you say) - very unlikely.
The BOD will soon release the updated LOM plan which they previously reported an annualised gold production of over 100,000 oz hopefully commencing March / April 2022. EBITDA of $60m ( assuming a gold price of $1800 and AISC $1200).
With Gold production rapidly growing to 150-200,000 ozs in 2023 -this will have a value as well
I anticipate the SP to be a lot more just prior to the record date (broker reports suggest between $1.20 and $1.65 but it could be less for any number of reasons) and then reduce to the Sprott valuation of 54cents less a discount
FFX Price at posting:
70.5¢ Sentiment: Buy Disclosure: Held
