Just look at bella's post above, CAI is a pretty good comparable i think. They have ~1.5mil in resources (1mil being indicated which is where we want to be), they've completed their FS and their grade is mostly similar with ours.
MDI has the advantage in that it wont have to pay as much as 120m in capex so shareholders will be no where near as dilluted, can potentially enter agreements for toll processing with AME and co. Worth noting that CAI is trading at 4x compared to us so we definitely can run it big, fundementally i think MDI is a much stronger and safer bet than CAI due to the existing infrastructure and MUCH lower investment capital needed. Answering your question, if we hit 1 mil in resources i would expect a ballpark fair value of ~240m just by looking at numbers from CAI's FS. Noting its probs a lowball because MDI will be pouring gold much sooner but it's better to be conservative, CAI is starting construction 1 quarter earlier than when we expect to be pouring gold, so we can fund future exploration organically without taking on dilution. The only thing im unhappy about with MDI right now is the high inferred resources count. I'm sure time will covert these inferred figures to indicated and then It's really all blue skies.
