Really rough numbers here, and some savage rounding.
If NWE doubles from here, we're looking at a $400m MC.
NWE have 20% of the jv permits. Makes the other 80% worth $1.6B.
Is any of the PB value baked into the current MC of MIN? I'd suggest not.
Put on a premium for their 80%, for being operator and being able to fund their share. Add on the other leads that haven't been drilled yet...
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