I know you are only reporting what someone else is saying, so I say this wrt them, not you, and I don't know who they are, or what credibility they have.
Imho to suggest a fair value of $9, and by implication a mc close to $1 bn needs a huge reality check. There is huge dilution and/or selldown of assets to come before this company gets into serious production on either project, and meanwhile huge risks wrt both projects such that a huge risk discount applies atm.
Happy to hold, but given the risks and the current sp this is no longer a bargain imho.
EL
STB Price at posting:
$1.32 Sentiment: LT Buy Disclosure: Held