20 cents for 55% is a $360mill cap, that would make 100% valued at $680 million, GOR is probably the premier gold play under development on the asx right now and they are 100% at a $500mill cap, with a 3Moz reserve a 6Moz+ resourse and a $950/oz AISC in Australia.
I know BYR is good, but I think you might be dreaming abit if you think this is going to 20cents anytime soon, 10-12cents on some really really good results, 20 cents, if I was a major I would be taking out GOR/CDV/DCN and a few others long before I came looking at BYR.
That option for 10% is to match the best offer which if they did go to 20 cents fair value would start around $68million, but it doesn't actually matter because it's likely a net zero gain purchase when you exercise it you have to fund the purchase with some type of capital raise, you are directly paying for the value it creates, unless they sell it cheap for some reason the purchase will add more shares which would actually be a negative at this point, I wouldn't do it.
Not trying to be a huge wet blanket I obviously like the project, I just disagree with call the market cap is already high, have to keep in mind they only have 55%, if they do sell it's that's all they are going to get.
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