A free option on hundreds of millions?, page-2

I see it a bit different.

As of 31 Dec 2024, EQX had liquid Assets of $12.7 Mio and Total Liabilities of $1.4 Mio. The difference - $11.3 Mio - gives me the intrinsic value of the company as of this date. As the market capitalisation stands at $16.4 Mio, there is a theoretical / arithmetical risk of $5.1 Mio if EQX will loose. This amount will increase over the course of the year, as current expenses will reduce the cash position. Consequently, there is a significant share price risk if a decision is made against EQX. In my view, however, the decisive factor is that there is no risk of a total loss given the relatively high cash position. The risk-reward ratio seems therefore attractive, especially when compared to other companies which would be de facto worthless if they lost their arbitration.