Possibly a takeover target but in the absence of finding more...

Possibly a takeover target but in the absence of finding more feasible ore, what's it really worth?

Do the numbers, 13m trade creditors, 13m note holders, 23m streaming and possibly requiring more funds for exploration...before we assume any price for the shares the EV is already $49m add something for the shareholders...let's say $10m, that gives us an EV of $59m....really? $59m for a company that only has high grade resources to last another 9 months?

So let's skin it back a little, let's accept that the high grade ore is mined and used to reduce the trade creditors to zero...that makes the EV $46m and lets say the note holders convert for a best case scenario of 28.9m shares....that reduces the EV to $36m (remember this is only working on a bid at $10m)

If the company does not find another high grade ore-body and is limited to mine stuff at say 2 grams per tonne the net revenue drops significantly which in turn places pressure on the streaming commitments.

I can't see a takeover at a huge premium....I am also wondering if it was such a great takeover target, why haven't the note holders made a bid...seems to me they have the most to gain and lose from a bid so would make sense if they needed up owning it especially as so many of them are already shareholders!