Two things,1- With enough cash in the bank and more coming soon...

Two things,

1- With enough cash in the bank and more coming soon WHY WOULD THE COMPANY WANT OPTIONS UNDERWRITTEN?
In fact AWJ due to the gold price don't need the money urgently considering they have already received and will in the future receive the profit in cash flow they originally budgeted for if they had done Jeffries find 100% themselves at $2600.Most options will get exercised anyway as they are in the money.

2- With forecast cash of $240m by your calcs and nothing after that in the immediate Horizon I cannot see a valuation of $400m.
Like most investors one would like their profits in addition to their original investment back.
So what is maybe/maybe NOT $80m over 3-4yrs starting in a years time worth TODAY,TOMORROW or after the first pour in 12 months,possibly more actually worth?
Assuming of course they go it alone,no guarantee there.

DYOR + DYODD Assuming of course gold stays where it is,or rises and the U.S. doesn't decide to dump gold to solve its debt problems in one foul swoop and so sock it to everyone running from the dollar to gold because they are being sanctioned.
Soon those being sanctioned and those countries with increasingly lower overseas reserves will only have gold or goods to barter for the energy and technical resources they need.China's outflows are reported to be in the high tens of billions MONTHLY.I suspect the Saudi's prefer gold to Juan or Roubles,or Rupees.India too would prefer gold as they are big importers of it.
At the same time Reports of seizures of large quantities of forged US currency at American ports has increased monthly since January,along with increased numbers of innocent Chinese tourists finding the American currency they are travelling with is forged as well. Some have drawn similarities with the planned undermining of the economy and mass inflation in China with forged currency before the overthrow of the then Govt.
An America involved in a war should it happen with these entities will do WHAT given those circumstances?