Personally I think <$20m is more appropriate. RDG will pay...

Personally I think <$20m is more appropriate.

RDG will pay around $25m for their garnet project ie $4m paid in cash and 355m shares at say 6c.

Then you need to account for the stage of development. An explorer vs a developer is different. HVY are not even at a scoping study. Getting the right studies takes time and capital. Also the Ellison link is huge. He can underwrite any capital gaps, plus central systems can work on the project etc which is a benefit.

Even at $20m there’s still a decent return vs the current market cap plus I’m valuing the other project at zero too. So there’s upside plus there is a good chance that HVY will get taken out at some stage once they’ve proven up the resource but my view on the upside is a bit different to yours. Still watching as it’s an interesting play.