Your calculation asserts no value for shares held which can be sold on market post payout. If we use a very low ball market cap of 10c per share ($19m market cap, $12.7m cash - $6.3m EV), that would still mean 38c per share from this level (not factoring in the final contingency payment on the mine being in operation).
MTC Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
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