True - you have to make global assessment of the whole situation both in terms of the resource value in the ground and the time/cost of getting it out of the ground and turning it into $ - there has to be some discounting on account of such things otherwise the offeror would never make a profit and wouldn't be interested in the first place - the other alternative to a full blown TO would be a nice JV with an experienced miner that already has a presence in the area and the resources to develop the site to an operational mine (wonder who that could be?)
PS this article from ***** is about valuing a gold explorer for TO purposes but the general principles should apply to any to any explorer with a proven resource - the statistical analysis of takeovers over a 24 illustrates the effect of the discounting factor on the base value of an oz. gold per share.
http://www.*****.com/commentaries/2015-06-03/The-Real-Value-of-Gold-in-the-Ground.html
(I hope DML's problem wasn't that it took too long to get their permit for a permit for a drill commencement date)
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