Not much point talking production numbers if we can't even get the capital structure right. Most info I can find suggests there are 86M SOI, so not sure where that analyst is sourcing info from. Moving on from that, the options expire in 2020 I'm not sure it's reasonable to include them in current MC calcs, since a lot of the uncertainty that the typical 1-2% buy-out price considers will have well and truly disappeared by then. I think at this stage it is up to you to decide what valuation method you use, based on the very rough resource, CAPEX and OPEX estimates floating around. Not trying to be smart and sorry I can't contribute more at this stage, and I'd be very interested to see anything on it. I haven't seen anything more solid than the $450M, but that seems reasonable/conservative compared to industry benchmarks. The PFS will be complete very shortly so I'm waiting for that. Someone else might have some more informed input on the capital structure, or some more detailed estimates on costs to set up this plant, however I'd suggest such detail would require specifics of deposit make-up and required metallurgy to be locked down.
